Spanish Regional Governments are clearly benefiting from the intense economic growth of the national economy. However, there has been a very important increase in the regional debt over the last years. In this context, the Extraordinary Liquidity Mechanisms (ELM) have gained great importance in the share they represent of the regional debt. We now expect the return of the regions to the markets to finance their debts and the improvement of their debt-to-GDP ratio.
The latest shock for our profession and clients arises from a sentence of the Supreme Court dated February 26, 2018, regarding the compliance in determining the executive directors' salary conditions.
Cryptocurrencies are receiving great attention since on 2008 the first one called Bitcoin came out . But it is the underlying called blockchain technology, which has been promising authentic revolutions in different fields for some time. And the most interesting thing about this technology is that it represents much more than an effective method of securing monetary transactions with cryptocurrencies. Sectors such as logistics, food, insurance, legal area and even information management in the public sector are using it.
Highlighting the current asymmetries on taxation of asset-holding companies vs entreprenurial company whose business is the rental of real estate.
The Spanish economy have started the year 2018 with strong inertia. The most recent indicators point to the fact that consumption growth has accelerated in the first quarter of 2018. In this way, GDP growth will again be supported by the strength of household consumption, deemed to increase by 2.3% this year and 2.1% next year. Several factors will continue to support positive consumption data in the coming months. In this scenario, we estimate consumption will only reach its pre-crisis levels in the second quarter of 2019, leaving room for recovery.