How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- USD weekly currency update- 12 February 2016
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
Number of firms operating in Spain hits 5-year low
The number of companies operating in Spain fell for a 4th straight year in 2011 to a 5-year low, according to data on Tuesday, highlighting the impact of the global crisis that has tipped the country into recession and brought an unemployment level of almost 25%.
The national statistics institute (INE) said the number of companies active in the euro zone's fourth largest economy fell by 1.6% last year to 3.199 million, marking the 4th consecutive year of contraction.
The end of a multi-billion-euro property boom in Spain in late 2007 followed by the escalation in the euro zone debt crisis in the last 2 years have plunged the country into recession and pushed up the government's borrowing costs to their highest since the launch of the euro in 1999.
"The sectors in which most companies stopped operating in 2011 were construction (-13.2%), specialist construction (-10.2%) and architecture, engineering, drafting and technical analysis (-7.3%)," the INE said in a release.
Since the peak of 3.422 million companies registered at the end of 2008, nearly a quarter of a million businesses have shut down, the data showed.
At the end of 2011 5.4 million people were out of work and the unemployment rate was 22.9%, up from 4.1 million and a jobless rate of 20.3%. So far in 2012, that rate has hit a record high of 24.6%, leaving 5.7 million jobless, according to figures from the INE.
Latest News & Stories
- Corvera Airport Passenger Forecast Revised
- Andalusia property owners must register under new rules
- Spain likely missed deficit goal in 2015: economy minister
- The 6 Year Sickie
- Spanish government using courts to avoid freedom of information requests
- Rajoy refuses PSOE leader handshake
- New businesses in Spain rises by 0.5 pct in 2015
- 2 New cases of Zika in Spain brings total to 9
- Spain housing sales rise 11.1 percent in 2015 y/y
- Session to name Spain’s next PM may take place in early March
- Capital Gains Tax in Spain
- Applying for a Business Loan
- Buying an Existing Business
- Bank Charges in Spain