# So it's official - Spain IS in recession.



## chris(madrid) (Mar 23, 2008)

Spanish news yesterday.

Hardly a surprise - but when politicians go from saying tehy expect 3% growth to 1.6% NEGATIVE growth and admit Public debt will rise to 5,9% (twice the EU allowed level) then it taketh not a genius to see that there will be some AUSTERE years ahead. 

They're openly expecting unemployment to hit 16% this year (this is 1 in 6). And let's be honest - this means more or less that newcomers are going to have EXTREME issues to find work unless they have a special skill set or have "contacts". And without very good or excellent Spanish - forget it. The Building sector (already hard hit) is going to get MUCH worse imo. 

My guess is that many of the "local" subsidies will drop off fast. So families are going to get hit. 

Also - somehow this has to be paid for. I HAVE HEARD of rises in taxation for 2nd and Holiday homes (non residents) already by being outside doors that should be sound proof and are not.

Sorry - but that's the facts of life - TODAY anyway,


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## XTreme (May 17, 2008)

I'm still doing fine....so there is hope for people who can bring something to the table and are _really_ willing to work!


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## Xose (Dec 10, 2008)

chris(madrid) said:


> Spanish news yesterday.
> 
> Hardly a surprise - but when politicians go from saying tehy expect 3% growth to 1.6% NEGATIVE growth and admit Public debt will rise to 5,9% (twice the EU allowed level) then it taketh not a genius to see that there will be some AUSTERE years ahead.
> 
> ...



No doubt others will follow. Others that don’t have the MASSIVE black economy Spain has. I sometimes think this country has more “Dinero B” than regular dosh.
One thing’s for certain, I don’t agree with the published “recovery start end 2009, first qtr 2010”. I agree that it’ll be a few years before we’re out of this one.

Let’s hope the other Euro countries bad news starts having de effect the UK press did and perhaps Trichet will get his head out of his rear posterior and drop those rates to parallel the UK (if not the US as stated yesterday). Then we might get some GBP recovery at least.


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## chris(madrid) (Mar 23, 2008)

Xose said:


> I don’t agree with the published “recovery start end 2009, first qtr 2010”. I agree that it’ll be a few years before we’re out of this one.


Mid 2011 is my guess before it REALLY turns.


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## chris(madrid) (Mar 23, 2008)

I'm not sure I really want to make this worse - BUT. 

Was on Spanish news today that the EU commission considers that SPAIN will take longer to climb out of recession than the rest of the EU. And thet in 2010 Spain will STILL be in recession whereas the others will be in positive growth again.

SPECIFICALLY cited was the unusual situation regarding construction. They anticipate Unemployment close to 20% (4.3million) - THIS IS 1 in 5. To put things into perspective that's not far short of the unemployment % in the UK during the inter war depression.

In the same news. Job losses in the Telecom's sector at ONO. Also at ROCA. 

So how long will it be before we have another war? - They're always a good solution for recessions.


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## SteveHall (Oct 17, 2008)

............and yet I STILL have expats not turning up for job interviews!!! I sometimes wonder why I bother! 

3 out of 7 yesterday! 

A very interesting news programme on Canal Sur last night - a well-thought out presentation as to why the PIGE (PIGS in English!!) should leave the euro. The PIGS are Portugal, Ireland, Greece and Spain (España) Normally this is one of these everybody shouts across everybody
harangues but this guy was given the time of day. His intitial remark was "Nothing else you guys have suggested is working, so why don't you shut up (callarse) for two minutes and listen for once" Sadly, I missed his intro and he did not give too much away as to who he was economist, unionist (no!), politician etc but he made a well-honed presentation and he was given respect. 

I have a horrible feeling like Chris that this is just going to get worse. 


Steve 


Here's a contrary position: 

La empresa asturiana Ideas en Metal afronta la crisis invirtiendo en nuevas tecnologías y crea20 Jan 2009, 10:24 am Delete 
NOTA DE PRENSA: 

IDEAS EN METAL, S.A. ENCARA LA CRISIS ACOMETIENDO UNA INVERSION DE 4,8 MILLONES DE EUROS EN NUEVAS TECNOLOGIAS 

La empresa aumenta su capital social en 2,4 millones de euros y prevé ampliar su plantilla de trabajadores en 2009 

Oviedo (20-1-2009). – La sociedad holding del Grupo Ideas en Metal, “Ideas en Metal, S .A” ha decidido afrontar la actual crisis económica convirtiéndola en una oportunidad de crecimiento y ha incrementado su capital en 2,4 millones de euros, hasta alcanzar los 20,4 millones de euros. Ideas en Metal ejecutará una inversión de 4,8 millones de euros para ampliar sus instalaciones industriales y equipamientos tecnológicos en el Polígono de Los Campones, en Gijón. La plantilla actual es de 81 personas, y está previsto que en 2009, a pesar de la recesión económica en el país, Ideas en Metal, S .A aumentará nuevamente su plantilla hasta situarla en el entorno de 95 personas, lo que supone un 17% de crecimiento del empleo propio, un porcentaje muy elevado si consideramos el contexto actual de recesión económica y el creciente índice de paro en España. 

La empresa, presidida por el empresario asturiano José Antonio Hevia Corte, desarrollará en el presente ejercicio económico nuevos productos y entrará en nuevos mercados, “para situarnos a la vanguardia de nuestro sector, con una apuesta por el conocimiento, la innovación tecnológica y el servicio al cliente para ser más competitivos en el mercado global”, según destaca el consejero delegado de Ideas en Metal, Juan José del Campo Gorostidi. El nuevo proyecto de inversión aprobado para la expansión y crecimiento de sus instalaciones en Tremañes, incluye la construcción de un Centro Logístico, en el que se ubicará un almacén automático con tecnología RFID, así como la adquisición de nueva maquinaria productiva de alto valor tecnológico y el equipamiento de un laboratorio de ensayos estructurales. 

Ideas en Metal cerró el ejercicio de 2008 con una facturación de 24 M€, lo que supone un incremento del 118% sobre la facturación del 2007, que fue de 11 M€. Asimismo, el Grupo Ideas en Metal, formado por las sociedades Ideas en Metal, S.A., Esnova, S.A., Esnova Racks, S.A. y Cordes Microsistemas, S.L., alcanzó una facturación consolidada en 2008 de 32 M€, frente a los 18 M€ del 2007 y los 9 M€ del 2006. 

La empresa mantiene una trayectoria de crecimiento sostenido desde hace varios ejercicios económicos y, con la reciente fusión por absorción de la sociedad Hevia Corte, S .A, ejecutada el 1 de diciembre de 2008, Ideas en Metal, S .A. toma posiciones en el sector de la logística y la manutención, una nueva línea de negocio que se une a las dos ya existentes: estructuras espaciales y energías renovables. La plantilla de Ideas en Metal, S. A no ha dejado de crecer desde su inicio de actividad en 2004. Los 81 empleos actuales superan ampliamente los 65 empleos comprometidos. El empleo total del Grupo Ideas en Metal al 31 de diciembre de 2008 era de 156 personas. 

El plan estratégico de la empresa tiene como objetivo alcanzar una cifra de negocio de 50 M€ en 2011, diseñando, fabricando y suministrando soluciones que combinen el conocimiento de la ingeniería estructural y la mecatrónica. Para ello, el grupo empresarial cuenta con equipos de personas experimentadas y tecnología avanzada en las áreas de materiales, ingeniería estructural, microsistemas y logística. 


Para ampliar información, 

Jorge Ramos 

Director de Comunicación de IDEAS EN METAL S. A. 

Teléfonos contacto: 658-47-36-33 /// 605-01-13-55


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## chris(madrid) (Mar 23, 2008)

SteveHall said:


> The PIGS are Portugal, Ireland, Greece and Spain (España)


Currently - It'll just move somewhere else as well SOON.


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## SteveHall (Oct 17, 2008)

I am very fortunate in that I could move to Sweden today, start work tomorrow and have the confidence that I can survive and prosper. In any case, I am pretty recession-proof in what I do here but I am NOT complacent. 

As the days go by I realise more and more how just tough the expats are having it here. What they must not do is "give in" and I will always try to help those who really are serious. Yesterday two neighbours went home to Limerick and said they thought they would not come back - they felt that even with huge and rising unemployment there they felt in some way "safe" and there was a community spirit, a camaraderie (a pulling together) that they could not expect in expatshire. Their apartment is worth I guess, 180K - they said if I got 120K I could have the rest! Very sad!


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## chris(madrid) (Mar 23, 2008)

SteveHall said:


> As the days go by I realise more and more how just tough the ex-pats are having it here.


IMO Steve the Spanish are suffering just the same. 

OK they are maybe not as isolated - BUT in some cases - this was self sought isolation. 

Also as you've said - expatshire is not HOME. The expat mentality is often a fairly egotistical view of life. As a result there's no real community. All for one and every man for himself. I'm fairly egotistical by nature - but I've seen some expat grifters that make me cringe.

Personally I find that Spaniards DO look after waifs and strays - but first you have to get to know them. This is not (as you know) a 10minute job. I had a FAST TRACK entry as I married a Spaniard.


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## SteveHall (Oct 17, 2008)

Excellent points - did I write them!!


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