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Spain Sees 7.5 Million Tourists Visit In June, Three Times More Than In 2021 – Olive Press News Spain

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SOME 7.5 million tourists visited Spain in June, three times more than in 2021, recent data reveals.

According to the National Statistics Institute (INE) in Spain, more than three times as many tourists visited Spain in June than in the same month last year—with average daily expenditure soaring too.

In fact, as revealed by data published by the INE yesterday, Tuesday August 3, overall spending has surged to just under €9 million (€8,993 million), compared to almost €2.5 million (€2,422 million) last year.

With this new upturn in June, both the arrival of international tourists and their spending in Spain have now accumulated twelve consecutive months of year-on-year increases after the disruption caused by the global pandemic.

Furthermore, in the first six months of 2022 the number of tourists visiting Spain increased by 457% exceeding 30.2 million, a figure six times higher than that recorded in the same period of 2021.

The main countries of origin in the first half of 2022 were the United Kingdom, with 1.8 million tourists representing 24.2% of the total and an increase of 1,165.9% compared to June 2021.

Germany and France are the next countries with the most tourists visiting Spain. Germany, with almost 1.1 million, and an increase of 125.8% and France with more than 865,973 (up 97.4%).

Despite the rise in prices and the desire to consume, seeing an average daily expenditure grow by more than 10% to over €1,200 per visitor, the figure is still below June 2019.

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agriculture

Scorching Heatwaves In Spain Threaten Olive Oil Production, Says Government Minister – Olive Press News Spain

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SPAIN’S Agriculture Minister, Luis Planas, says this summer’s hot weather will dent this year’s olive harvest if things don’t change soon.

Spain is the world’s leading producer and exporter of olive oil, accounting for 15% of arable land in the country.

It makes 70% of the EU’s olive oil and represents 46% of the worldwide market, according to government statistics.

A succession of heatwaves is now threatening the crucial annual olive harvest.

Luis Planas said: “If rains don’t arrive in the next few weeks or if temperatures don’t drop, then the harvest will be noticeably lower than in previous years.”

The minister did not speculate on what kind of harvest reduction is likely.

A reduction in Spanish output coupled with drastically reduced sunflower oil exports from Ukraine, will keep international vegetable oil prices at up to three times the price they were at the start of 2022.

The International Olive Council said that olive oil prices from Jaen province in June, rose by 8.3% in June.

Planas has also advocated mandatory labelling across all EU states which emphasises the healthy properties of olive oil.

The effects of extreme weather are being felt right across Spain’s agricultural sector.

Luis Planas has estimated that Spain’s overall production of grain crops like corn, wheat and barley, could fall as much as 13% this year to 17.5 million tonnes.

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Business

Good News In Spain As Unemployment Falls Below 3 Million And GDP Grows Faster Than Expected – Olive Press News Spain

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SPAIN’S unemployment figures have dropped below three million for the first time since 2008, according to the National Statistics Institute(INE).

The INE said the total fell to 2.9 million for the second-quarter of 2022 compared to 3.2 million for the first three months of the year.

The welcome news- at a time of inflation hitting over 10%- is the lowest jobless total since the world banking crisis 14 years ago.

The unemployment rate stands at 12.5% with 617,000 additional permanent jobs compared to the second-quarter of 2021.

The figures validate labour reforms in Spain aimed at cutting down temporary contracts or even black market working.

Meanwhile Spain’s gross domestic product grew 1.1% in the second quarter of the year, well above market expectations of 0.4%, according to INE preliminary estimates announced on Friday.

The figure is up from 0.2% over the previous three months.

Household consumption bounced back at 3.2% as opposed to 2% in the first-quarter of 2022.

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banks

Spain Announces Details Of New Windfall Tax On Banks And Fuel Companies – Olive Press News Spain

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SPAIN’S government has announced details of its new windfall tax on banks and fuel companies which aims to bring in €7 billion into state coffers over the next two years.

The bank tax will raise €3 billion with €4 billion coming from the gas and oil companies.

The measure was announced earlier this month by Prime Minister, Pedro Sanchez as a way of bringing extra money to help fund measures to fight rising costs for people in the country.

Reduced tax on power bills and a 20 cents per litre subsidy have been extended to run until the end of the year.

A draft bill over the new windfall tax was presented before Congress on Thursday.

A 1.2% levy will be imposed on power company sales while banks will face a 4.8% levy on their net interest income and net commissions.

Repsol CEO, Josu Jon Imaz said that gas and oil companies don’t make windfall profits.

“We must not forget the billions of euros of losses we recorded in previous years,” Imaz commented.

“Oil and gas has risk and there is no regulated tariff that ensures profitability.”

Banks are now being targeted on the grounds that their profitability is boosted by rising interest rates.

“The new tax is not deductible for corporate tax purposes and cannot be passed on to customers,” the draft bill says.

The document points out fines set at 150% will be imposed if attempts to do that happen.

Chief executives from both Santander and Sabadell banks warned on Thursday that the would hit mostly small savers and shareholders.

Santander CEO, Jose Antonio Alvarez, said: “If €3 billion of capital comes out of the sector, then it takes away €50 billion euros of lending capacity.”

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