The document summarizes economic indicators and trends in Spain and other countries during the first quarter of 2017. Specifically: - Mergers and acquisitions in Spain totaled €23.681 billion in Q1 2017, a 48% increase year-over-year, partly due to more large deals over €500 million. - Spanish exports grew 15.2% year-over-year in Q1 2017, outpacing the Eurozone average growth of 10%. The number of Spanish exporters increased 3% compared to the same period last year. - Gross fixed capital formation in Spain registered quarter-on-quarter growth of 2% in Q1 2017, the first increase since mid-2015, with

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M&A Spain
During the first quarter of 2017, there were
524 mergers and acquisitions for a total of
23.681 billion euros, some 48% greater in
year-on-year terms. This is partly due to
more high market operations worth more
than 500 million euros.
External sector
Between January and March of 2017 the
volume of Spanish exports grew by 15.2%
year-on-year, some 5 percentage points
more than the Eurozone average.
In addition, there were 76,908 exporters in
Spain, or 3% more than in the same period of
the year before.
Corporate sector data
In seasonally adjusted terms, the General
Business Index Business Net (INE) grew
6.5% in March with respect to the same
month of the previous year. There was
notable growth in the commercial and
industrial sector.
Investment
According to the latest data from National
Accounting for the first quarter of 2017, the
gross fixed capital formation registered
quarter-on-quarter growth of 2%, a figure
not achieved since the second quarter of
2015. Also notable is the excellent
development of investment in capital goods
(up 5% year-on-year).
By sectors, the real state attracted the the
highest number of operations with 124,
versus the technological sector (73) and the
internet (43).
By areas, Portugal, United States and France
were the most dynamics countries. The
latter attracted the greatest investment
(1,687 million euro)
According to the Ministry of Employment,
in April the number of registered companies
in the Social Security was 2,858,532. Among
them, 94% had less than 10 employees and
only 0.16% were big firms (+250
employees).
2
1,3
-0,1
2,1 2,3
3,2
2,5
3,7
5,4
6,4 6,3
8
6,5
Corporate turnover index
Annual change, %
Source: Círculo de Empresarios based on INE, 2017
External sector in Spain, 2011-17
2011 123.128 -
2012 137.528 12
2013 151.160 10
2014 147.845 -2,2
2015 147.334 -0,3
2016 148.794 1
1Q-2017 76.908 3
Source: Círculo de Empresarios based on Mineco, 2017
Years Exporters
Annual change
(%)
1.539.803
53,87%
1.143.253
39,99%
147.400
5,16%
23.622
0,83%
4.454
0,16%
Number of companies registered in the Social Security
April 2017
Self employed
Micro
Small-sized
Medium-sized
Large-sized
Source: Círculo de Empresarios based on ipyme, 2017
0
2
4
6
8
10
12
1Q-2015 2Q-2015 3Q-2015 4Q-2015 1Q-2016 2Q-2016 3Q-2016 4Q-2016 1Q-2017
Investment volume
Annual change, % Equipment goods
GDP
GFCF
Source: Círculo de Empresarios based on INE, 2017
Así está…
The company June 2017
Source: Transactional Track Record

2. ‘Así está…The company’, a publication of the Círculo de Empresarios produced by its Department of the Economy, contains information and opinion
from reliable sources. However the Círculo de Empresarios does not guarantee its accuracy and does not take responsibility for any errors or omissions.
This document is merely informative. As a result, the Círculo de Empresarios is not responsible for any uses that may be made of the publication. The
opinions and estimates of the Department can be modified without any warning.
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Business Angels
According to AEBAN, 83% of the Spanish
business angels are between 35 and 54 years
old. In 95.6% of the cases, individual
investment per company does not exceed
100,000 euros, and is mostly concentrated in
the TIC and financial sectors.
Real wages
Between 2007-15, average salaries in real
terms and in purchasing power parity (PPP)
increased 5% in Spain as against the OECD
average of 2.57%.
Excluding Greece from data, the increase
was 3.5%.
Brazilian crisis
Following rumors about the possible
removal of Brazilian president Temer
because of a new corruption scandal, the
Bovespa stock market index dropped 8%
and the real has depreciated 6.5%.
This new political crisis comes at a time of
apparent economic recovery, but with
approval ratings for the government at an
historic minimum (9%).
China’s credit rating
Moody’s rating agency has lowered China’s
long-term rating from A1-stable to Aa3-
negative because of the slowing in its
economic growth and an increase in
financial vulnerability associated with the
increased debt volume (256% of GDP in
2016).
Technological revolution
According to a recent study by Mckinsey
Global Institute, “Beyond the Supercycle”,
the technological advance will transform
supply and demand in the natural resources
sector, increasing its productivity and
energy efficiency. As part of this process by
2033 between 900 billion and 1.6 trillion
dollars in potential added value will be
generated in the world economy in terms of
cost savings (equivalent to the GDP of
Indonesia or Canada depending on its final
impact).
5,3
25,4
29,8
24,6
10,5
3,5
0,9
0 5 10 15 20 25 30 35
< 5.000
5.000-10.000
10.001-25.000
25.001-50.000
50.001-100.000
100.001-250.000
250.001-500.000
Average investment by person
% total
Source: Círculo de Empresarios based on AEBAN, 2017
-20
-15
-10
-5
0
5
10
15
20
Greece
Iceland
Mexico
UK
Portugal
Italy
Japan
OECD
Korea
Belgium
Austria
Ireland
N.Zealand
Finland
Spain
US
Australia
Netherlands
Switzerland
Denmark
France
Germany
Sweden
Canada
Norway
Average growthof real wages (%), 2007-15
Source: Círculo de Empresarios based on OECD,2017
59.000
61.000
63.000
65.000
67.000
69.000
71.000
Jan-17 Jan-17 Feb-17 Mar-17 Mar-17 Apr-17 May-17 May-17
BrazilianStock Index, Bovespa
Source: Círculo de Empresarios based on Investing, 2017
-8%
5
6
7
8
9
10
11
12
13
14
15
0
10
20
30
40
50
60
China economic indicators
Public debt (% GDP) (left axis) Real GDP (right axis)
Source: Círculo de Empresarios based on IMF, 2017