The European Commission made new forecasts for inflation growth in Spain for this 2022, raising the forecast to 8.1 % compared to the 6.3 % estimated last May and maintaining 4 % for the growth of the Spanish economy at closing of the year.

The new economic estimates of the Community Executive are framed within an inflationary environment as a consequence, mainly, of the upward spiral of energy resources and the rise in the prices of raw materials due to bottlenecks in the supply chain as a consequence of the war between Russia and Ukraine.

The estimated figure for Spain is below the community average, which was estimated at 8.3 %. However, it stands out from the 7.6 % expected for the eurozone.

GDP rebound

In the estimates made by the European Commission, a rebound in the Spanish Gross Domestic Product (GDP) also stands out with respect to the average of 2.6 % forecast for the eurozone. Spanish GDP is estimated at over 2.7 % in 2022.

If the estimate for GDP is achieved, the Spanish economy would become the seventh economy in the area with positive economic growth, behind Portugal, Slovenia, Ireland, Croatia, Hungary and Malta and on a par with Greece.

For 2023, the Commission “estimates a rebound in Spain’s GDP of 2.1 %, up to 1.3 percentage points less than expected in spring and 2.3 % less compared to the forecasts at the beginning of the year” but the figure This is above the 1.5 % growth forecast in 2023 for the community average and the 1.4 % for the eurozone.

M. Rodríguez

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Source: ondacero.es

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A report from the Bank of Spain highlights that approximately 60,000 million euros was the volume of transactions executed with cryptocurrencies during 2021 in Spain, which is equivalent to about 1,275 euros per inhabitant and represents 10 % of the business in the eurozone.

The Banco de España used the unofficial statistics provided by Chainalysis as a source for the investigation, which are based on advanced identification and geolocation algorithms.

The study found that Spain ranked fifth in the number of financial transactions with digital assets in Europe. The first places were occupied by the United Kingdom, France, Germany and the Netherlands, respectively.

Although the results of the study are not considered “completely reliable”, the Bank of Spain also refers to the “Finder Crypto Asset Adoption Index”, which conducts a periodic survey in 27 countries.

This index highlights that 12 % of Spanish adults have invested in cryptocurrencies, most of them are male, with young people between 18 and 24 years old being the most active in purchases.

Low rate of illicit activities

The report issued by the Spanish Bank also indicates that the percentage of transactions related to illicit activities is quite low, reaching just 1 % between July 2020 and June 2021 in Spain. However, he admits that it may be related to the way the measurement is carried out, since Chainalysis identifies only those operations where a police investigation has been carried out.

Another aspect outlined in the study by the Spanish regulatory body is that the boom in cryptocurrencies is not supported exclusively by small savers, but by the incursion of institutional investors. “A greater relative importance of the largest transactions, more than 10 million dollars, is observed, which suggests that they would have gained relative importance in the operations with these currencies.”

According to the numbers issued in the report, Europe would be classified as “the mecca of cryptocurrencies“, because it represents 25% of all global transactions, equivalent to about 845,000 million euros, followed by North America with 18%.

The financial entity urges improving the instruments of evaluation and control of the use of digital assets in the country. It also proposes to establish the government registry that allows for official statistics, as well as surveys and studies on the use of cryptocurrencies by the Spanish population.

M. Rodríguez

Source: elpais.com

La entrada Spain mobilized 60,000 million euros in cryptocurrencies apareció primero en Bitfinance.

The period begins with the release on Monday of China’s inflation figures for December, and with the statistics of industrial production in Spain for November and investment confidence in the euro zone this month.

Tuesday will pass without relevant data that could move the market, while on Wednesday the evolution of November industrial production in the euro zone will be published in a context marked by the coronavirus pandemic, as well as last month’s US CPI and the monthly economic report of the Federal Reserve (US central bank), better known as the “Beige Book”.

Decisive week, or not, in data

For the director of Equity Analysis of Singular Bank, Nicolás López Medina, “the most important data for the US this week will be those of industrial production and retail sales for December, and in both cases they are expected to follow the positive trend in recent months “.

In his opinion, “it is not a week of very relevant economic data, we have come to know the PMI for the month of December, where we have had positive surprises in both Europe and the US”.

Economy improved slightly, but threat of slight deterioration remains

“There are indications that the economy, at least in December, had improved, although in January we may have another small deterioration due to all the measures that are being taken to face the pandemic”, López stressed.

In the US, the industrial production data for December will be released on January 15, when retail sales for that month and the US consumer confidence statistics for January from the University of Michigan will also be released.

Some results for the close of fiscal year 2020 will also begin to be published, which will be inaugurated by several US financial entities, such as Blackrock, Citigroup, JP Morgan or Wells Fargo, and some companies will pay a dividend (Iberdrola, CAF and Inmobiliaria del Sur).

In short, all important and interesting data, but not too decisive or relevant.

G. Febres

With information from international media, EFE agency and social networks

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