1. The Spanish National Institute of Statistics has just published the inter-annual inflation rate
which stands at 2.9% with no changes registered between November and December .The
inflation figure for December is important as it is this figure which is used to calculate wage
rises for many workers .
Up until December the average wage increase was set at 1.3% , some 1.6% lower than the
retail price index for that month .Unions are naturally concerned that workers do not lose their
purchasing power .
Throughout 2012 inflation has fluctuated between 1.95 and 3.5% ( October ).These figures
came out on the back of the rise in IVA taxes going up and a rise in the costs of medication .
Food and alcohol have been most affected by the retail price index .
Tax revenue in Spain has dropped and it is the second country in Europe to see the largest
drop in income from taxes .When the economic crisis started in 2007 the income from taxes
made up 38% of the GDP and now in 2012 it has dropped to 32.4% of GDP .Only Bulgaria has
a higher loss .
In other parts of Europe income from taxes has increased by about 0.5% .Tax income from
personal tax in the Eurozone stands at 11.2% while in Spain that figure is 9.3% .Social Security
payments in Spain remain relatively stable .
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