3. 2017 GDP growth and forecasts for 2018
Source: CĂrculo de Empresarios based on IMF, January 2018
3
1,8
2.3 2.7
2 2.3
1.3 1.9
2.4 2.2
6.8 6.6
CHINA
EUROZONE
LATIN AMERICA
MEXICO
USA
BRAZIL
1.1 1.9
RUSSIA
1.8 1,7
Growth extended across all geographic areas and exceeded expectations
GLOBAL
3.7 3.9
AFRICA
2.7 3.3
Real GDP growth(%)
2018
2017
4. 2017 Key facts
Source: CĂrculo de Empresarios, 2018 4
US exit from TPP
agreement
Art. 50 is activated
Chinaâs rating
downgrade
UK Elections
NAFTA
renegotiations
Fed announced
balance sheet
reduction
ECB announced QE
reduction
January-February March April-May June
Macron: new
president of
France
AugustSeptemberOctober-November
Fed interest rate
hike
Trumpâs Tax
reform
Fed interest rate
hike
December
Once again, a year marked by political uncertainty
Fed interest rate
hike
illegal referendum
in Catalonia
5. Source: CĂrculo de Empresarios, 2018 5
Forecasts for 2018
1 2 3
Robust and
synchronized growth
Gradual withdrawal of
monetary stimulus in
advanced economies
Political uncertainty
remains
4
High valuations in
Financial markets
Strengths and risks
6. 58%
42%
88%
12%
97%
3%
Source: CĂrculo de Empresarios based on FMI, JP Morgan, Markit, 2018
6
Positive behavior of global growth
For the first time since 2010, the global economy exceeds the forecast of
economic expansion
54
% Countries with positive growth
2009 2012 2018
GLOBAL
PMI
54.5
50 level
Expansion
Contraction
December 2017
Countries with positive growth Countries with negative growth
7. Source: CĂrculo de Empresarios based on IMF, JP Morgan, 2018
7
Growth in advanced and emerging countries
The acceleration of emerging countries growth reflects the recovery in commodity
exporters
56.3
52.2
Emerging
Advanced
Manufacturing PMI new maximum
(December 2017)
Note: values above 50 indicates expansion
In parenthesis data of December 2016
(53.8)
(51)
Forescast
2.1 2.2
1.7
2.2 2.0
4.7
4.3 4.3
4.6
4.9
2014 2015 2016 2017 2018
Real GDP growth
%
Advanced Emerging
8. Source: CĂrculo de Empresarios, 2018 8
Geopolitical uncertainty
The process of globalization continues although there are pockets of trade protectionism
JAPAN
CANADA
MEXICO
TPP 12 (with USA)
38.3% global GDP
TPP 11(without USA)
13.5% global GDP
US leaves
TPP
The exit of US has not
stopped trade
negotiations
* Australia, Brunei, Chile, Malaysia, Peru, New Zealand, Singapour, Vietnam
The potential incorporation of South Korea, Taiwan,
Thailand, Indonesia and Philippines would generate
earnings of 500 billion $
(higher than initial agreement with USA)
Possible TPP 16
1
2 NAFTA renegotiations worries
Brexit trade consequences3
Trans-Pacific Partnership (TPP)
(January 2017)
9. Inflation remained low, however...
The 80% of OECD countries (+ China) are in full employment, which could lead to greater
inflationary pressures for the next two yearsâŚ
Global inflation
Source: CĂrculo de Empresarios based on JP Morgan, 2018
Unemployment and inflation rate OECD
Unemployment reduction
Wage growth
Inflation
potential
growth
GDP dynamism
âŚNevertheless, there are still deflationary forces
such as aging population or low productivity which
keeps wage growth in low levels
0
1
2
3
4
5
6
7
8
2015 2016 2017 2018 2019
Unemployment (% active population)
Inflation (%)
10. Source: CĂrculo de Empresarios based on IMF and Vanguard, 2018 10
China confirms a moderate slowdown
The risks of a hard landing is reduced in 2018, but its level of total debt worries*
Low intensity of industrial and
real estate overcapacity
2017: 6.8%
2018: 6.6%
Real GDP growth
Supply side reforms and symptoms
of openness
Positive advance in services
sector activity
1
2
3
*IMF estimate that total debt will reach 300% of GDP in 2022 (actual: 230% PIB)
11. Source: CĂrculo de Empresarios based on World Bank, 2018 11
Economic recovery in Latin America and Russia
Argentina, Brazil and Russia exit recession
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Step 1 Step 2
Higher growth prospects for Mexico (due to US
demand dynamism), Brazilâs economic recovery
and the upward cycle of commodities stimulate
emerging countries growth
Growth better than expected in Russia due to
higher oil prices, greater flexibility in exchange
rate and fiscal stimulus
Latin America
Russia
12. Source: CĂrculo de Empresarios based on IMF, January 2018 12
US: upward economic forecast (I)
The Tax Reform raises growth forecasts for 2018
2.72.31.5
2016 2017 2018
(PMI: 54.3) (PMI: 55.1)
Real GDP growth (%)
Note: PMI data correspond to end of the year
13. Source: CĂrculo de Empresarios based on Joint Committee on Taxation, 2018 13
US: Tax Reform impact (II)
The US Senate approved Trumpâs Tax Reform
Simplification of tax brackets from 7 to 4
Corporate Tax reduction from 35% to 20%
Elimination of deductions
Impact Reform
GDP impact estimation between 0.06 and
0.36 points in the US economy in 2018
(Tax Foundation, Goldman Sachs, Joint Committee on
Taxation, Wharton)
Savings average for US citizens ď
1,610$ in 2018 (Tax Policy Center)
The reform will add approximately 1 billion
to debt in 10 years (Joint Committee on Taxation)
14. US: prices stability (III)
Source: CĂrculo de Empresarios based on BLS y PIMCO, 2018
14
2-2.5
1.9
2017
2018
PIMCO
estimates
The economy and employment improvement (+171,000 average jobs created in 2017)
reinforce the bullish expectations of inflation
Inflation forecast
% annual change
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
US inflation
% annual change
General Core
Average inflation 50 years: 4.1%
15. 0
0,5
1
1,5
2
2,5
3
3,5
4
September 2017 December 2017
Fed: new interest rate rise
Source: CĂrculo de Empresarios based on Fed, 2018
15
The Fed raised interest rates in December to a range of 1.25-1.5%
Fed dot plot, 2018
(%)
Greenspan Bernanke Yellen
Powell
(Effective in February 2018)
3 expected hikes in 2018
Federal funds rate
%
0
1
2
3
4
5
6
7
Jul-00
Jun-01
May-02
Apr-03
Mar-04
Feb-05
Jan-06
Dec-06
Nov-07
Oct-08
Sep-09
Aug-10
Jul-11
Jun-12
May-13
Apr-14
Mar-15
Feb-16
Jan-17
Dec-17
Note: Each dot represents a governorâs vote
16. 5
4
-4
1.5
2.4
0
1.6
3.3
4.1
3
4
3.4
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
0
50
100
150
200
250
300
2014 2015 2016 2017 2018
Hungary Poland Romania Czech Republic EU=100
The main economies of Emerging Europe grow
at a faster pace than EU 28Inflation: 0.1%
2016
Unemployment : 5.3%
2.0%
2017
4.3%
Source: CĂrculo de Empresarios based on IMF, 2018
Emerging Europe: stronger economic growth
2.6%
2018
4.1%
Poland was the only country of
the EU that avoid recession
Main European emerging countries real GDP growth*
*Average of the 4 main economies of emerging Europe: Poland, Romania, Czech Republic and Hungary
%
Forecast
Emerging Europe growth vs EU 28
Average EU 28 Emerging Europe
Forecast
Forecast
17. Eurozone: growth greater than expected
17
2.4 2.2
2016 2017 2018
The greater external demand boosts its economic activity
1.8
1.7
Real GDP gowth (%)
1.6 1.6IMF forecast
January 2017
IMF forecast
January 2018
Source: CĂrculo de Empresarios based on IMF, January 2018
19. 0.50
0
1
2
3
4
5
6
7
Bank of England official interest rate
1.31
1.08
1.15
1,05
1,10
1,15
1,20
1,25
1,30
1,35
1,40
Exchange rate GBP / EUR
Bank of England: rise in interest rates
19
Source: CĂrculo de Empresarios based on Bank of England, Investing, 2018
Bank of England raised the interest rates in November after inflation YoY
was over 2%
Brexit
Brexit
%
20. Italy: growth despite the uncertainty
The Italian general elections will be held on March
1.6
2
1.600
1.700
1.800
1.900
2.000
2.100
Italy 10 year borrowing costs(%)
+27.8%
Public debt
% GDP
99.8
133
2007 2017
Private consumption
Investment
Exports
Imports
1.21.5
3.83.2
3.55.1
3.75.5
Source: CĂrculo de Empresarios based on Eurostat, IMF BBVA Research, Investing 2018
-2.8
-1.7
0.1
0.8 0.9
1.6 1.4
2012 2013 2014 2015 2016 2017 2018
Real GDP growth
%
Macroeconomic indicators (%)
Political risk
Forecast
22. Commodities (II)
22Source: CĂrculo de Empresarios based on JP Morgan, 2018
Actual =Lowest level in 10 years Highest level in 10 years
72.88 $
88.17$
46.84 $
237.95$
101.82$
48.63$
26.21 $
69$
145.29$
84.23 $ 245.20$
138.51$
Bloomberg
Commodity Index
Agriculture
Crude oil
Industrial materials
Note: Prices are represented by the appropriate Bloomberg Commodity sub-index
Metals and energy prices recovered in 2017
26. 2017 Review
26
â Economic activity remains solid (3.1% YoY), after several upward revisions of forecasts
â Job creation (2.7% YoY) and falling unemployment rate to 16.55%
â Rising tax revenues (4.1% YoY)
â New loans and default rates (November 2017)
The strength of
external sector
Improvement in business
competitiveness
Eurozone best annual performance
since the financial crisis
Jan. - Nov. 2017
+10.5% YoY
New credit* Default rate
-13.9% YoY to 8.07% of total credits
2.5%
(Real GDP growth 2017)
Tourism record
81.8 million of international tourist arrivals
Source: CĂrculo de Empresarios based on Bank of Spain, INE and Eurostat, 2018
+
* New consumption and housing loans for households and non-financial corporations
27. Forecasts 2018: recovery remains solidâŚ
⌠although growth slows
27
2017
2018*
2016
3.3%
3.1%
2.8%
* Forecast
Source: CĂrculo de Empresarios based on Afi and INE, January 2018
IMF reduces Spain´s growth
forecasts from 2.5% to 2.4%
due to political uncertainty,
mainly in Catalonia
IMF (Jan.18) 2.4%
Bank of Spain (Dec. 17) 2.4%
European Commission (Nov. 17) 2.5%
OECD (Nov. 17) 2.3%
Government (Oct.17) 2.3%
Forecasts 2018
Spanish macroeconomic outlook
% annual change 2016 2017 2018*
Real GDP 3.3 3.1 2.8
Final consumption 2.5 2.1 1.8
Households 3.0 2.4 2.0
PPAA 0.8 1.0 1.0
GFCF 3.3 4.8 4.4
Capital goods 5.0 5.6 5.5
Construction 2.4 4.5 4.2
Domestic demand (1)
2.5 2.5 2.2
Exports 4.8 5.3 5.3
Imports 2.7 4.0 4.0
External demand (1)
0.8 0.6 0.6
CPI (annual average) -0.2 2.0 1.8
GDP Price Deflator 0.3 0.9 1.1
Nominal GDP 3.6 4.0 3.9
Employment 2.7 2.6 2.4
Unemployment rate 19.6 17.1 15.1
General government net
lending/borrowing EDP (% GDP) -4.5 -3.1 -2.6
Public debt EDP (% GDP) 99.7 98.7 97.6
Current account balance (% GDP) 2.02 1.9 1.8
(1) Growth contribution
28. Downside risks in 2018
28
Political uncertainty â mainly in Catalonia
Effects of rising oil prices on domestic demand and on current account balance
Paralyzed structural reforms
Reduction of monetary stimulus by the ECB
High level of public debt
Structural unemployment
29. Tailwinds
29
Global and European economic recovery
Employment creation
2 millions in 4 years
Debt reduction
Mainly by private sectorprivado
Monetary policy and favourable financial conditions
Spanish economy competitiveness
From 2012 â Non-energy trade surplus
30. Economic growth 2017 (I)
2017 GDP = 3.1%
⢠Private consumption = 2.4%
⢠Public consumption = 1%
⢠Gross fixed capital formation = 4.8%
Domestic demand
% annual change
2.5 ppgrowth contribution
Source: CĂrculo de Empresarios based on Afi, January 2018 30
0.6 pp
External demand
Goods and services
% annual change
growth contribution
⢠Exports = 5.3%
⢠Imports = 4%
31. Current economic growth (II)
Spain maintains its growth above EU average, although the positive gap is narrowing
The Spanish GDP growth follows
the Manufacturing PMI trend
31
Source: CĂrculo de Empresarios based on Markit, Eurostat and INE, 2018
Manufacturing PMI December
55.8
In parenthesis December 2016
(55.3)
32. GDP growth and employment
Spanish GDP has reached its pre-crisis level with a number of affiliates 3.8% below 2007 level
Source: CĂrculo de Empresarios based on INE, January 2018 32
33. Labour market (I)
33Source: CĂrculo de Empresarios based on INE, 2017
Active Population Survey Q4 2017 (INE)
490,300 new jobs were created in 2017 and the unemployment rate dropped to16.55% (3,766,700
unemployed), more than 10 points below its maximum level of Q1 2013
8.01
26.94
Q4 2017
16.55
20,753,4
16,950.6
18,998,4
8,0
10,0
12,0
14,0
16,0
18,0
20,0
22,0
24,0
26,0
28,0
16.000
17.000
18.000
19.000
20.000
21.000
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
Employmentand unemploymentrate Q3 2007 - Q3 2017
Thousand; % labour force
Unemployment rate
Employment
34. Labour market: public and private employment (II)
34Source: CĂrculo de Empresarios based on INE, 2017
18.9 millions of employees
Private sector
15.9 millions
Public sector
3.0 millions
35. Affiliates and unemployed 2017 in 2017
New permanent contracts in 2017
35Source: CĂrculo de Empresarios based on Ministry of Employment and Social Security, January 2018
Affiliates to Social Security and unemployed
From its peak in February 2013 (5,040,222), unemployment rate has decreased by 1,627,441 persons.
1.9 millions
35.6% conversions from
temporary contracts
19,302,685
16,094,638
18,460,201
1,965,869
5,040,222
3,412,781
0
1.000.000
2.000.000
3.000.000
4.000.000
5.000.000
6.000.000
16.000.000
16.500.000
17.000.000
17.500.000
18.000.000
18.500.000
19.000.000
19.500.000
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Persons
Affiliates Unemployed
January 2018
Unemployment increased by 63,747
persons to 3,476,528
Affiliates decreased by 178,170
persons to 18,282,031
36. Unemployment rate in the UE and in Spain
Spanish unemployment rate is twice as high as the Eurozone average
36
Source: CĂrculo de Empresarios based on Eurostat, 2018
Spain remains among the top 3 countries
with the highest youth unemploymet rate
(< 25 years)
Greece
Spain
Italy
40.8%
36.8%
32.2%
37. Pensions system
37Source: CĂrculo de Empresarios based on Ministry of Employment and Social Security, January 2018
Number of pensions, average pension and public expenditure in pensions
have been increasing since 2007âŚ
2007 Jan. 2018
Millions
8.3 9.6
2007
679 930
2007 2017
% PIB
8.7 12.0
Pensions Average pension Public expenditure in pensions⏠/ month
Total
Retirement 4.9 5.9 767 1,075
Ratio contributor-pensionist
2007 2017
2.71 2.23
Reserve Fund
The Spanish Treasury might lend the government âŹ15 bn
to finance extraordinary pensions in 2018
Social Security
revenues
â˛5.3%
in 2017
Social Security deficit
23.4
years
Pensionable ages
(vs. 20.3 in OECD)
Jan. 2018
Years after retirement
0,8
1,0 1,0 1,1
1,3 1,3
0,7 0,7
-0,2 -0,1
-1,0
-1,1 -1,0
-1,2
-1,6
-1,4
-2,0
-1,5
-1,0
-0,5
0,0
0,5
1,0
1,5
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016(F)
2017(*)
% GDP
* targetStabiliy Programme 2017-2020
2011 ⏠66.8 bn
2017 ⏠8.1 bn
38. Prices are rising below the
Eurozone average after 13
months maintaining a
positive gap.
38Source: CĂrculo de Empresarios based on INE and Eurostat, 2018
Prices: CPI slowdown
December CPI = 1.1%
In January 2018,
estimated CPI is 0.5%, its
lowest level over the last
16 months, due to
electricity prices drop
39. 39Source: CĂrculo de Empresarios based on INE and Eurostat, 2018
Real state market
Since 2015 housing prices and investment are recovering
0.8
1.1 2.5 1.7
5.3
-0.3
-1.7
10.3
9.6
2.5
4.2
1
8.5
2.4
0.9
6.3
5.6
Rent prices
2017
By regions
-25,0
-20,0
-15,0
-10,0
-5,0
0,0
5,0
10,0
15,0
Construction investment
% annual change
Construction investment
Housing investment
Other
40. Financial conditions
40
Source: CĂrculo de Empresarios based on Bank of Spain, 2018
Low interest rate environment keeps driving new financing operations
Between Jan. and Nov. 2017, small and
medium companies received most part of
new loans to companies (< 1 million âŹ)
41. Public accounts
41Source: CĂrculo de Empresarios based on Ministry of Economy, Industry and Competitiveness, 2018
Deficit targets
Jan. â Nov. 2017: tax revenues amounted to âŹ180.3 bn
(+4.1% YoY)
Forecast 2017 â 200.9 bn (+7.9% YoY)
* Private sector debt
2017 2018 2019 2020
General Government -1.1 -0.7 -0.3 0
Regional Administrations -0.6 -0.4 -0.1 0
Local Entities 0 0 0 0
Social Security -1.4 -1.1 -0.9 -0.5
Total PPAA -3.1 -2.2 -1.3 -0.5
35.6 39.4
52.7
60.1
69.5
85.7
95.5 100.4 99.4 99 98.1
1.9
-4.4
-11
-9.5 -9.3
-6.8 -6.7
-5.8 -5.2
-4.3
-3.1
0,0
20,0
40,0
60,0
80,0
100,0
120,0
12,0
10,0
-8,0
-6,0
-4,0
-2,0
0,0
2,0
4,0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General government net lending/borrowing
and public debt
% GDP
Debt Net lending/borrowing
Total 138.4%
Households 61.8%
Non-financial corporations 76.6%
42. 42
Spanish position within international trade
Spain ranks among the top 5 goods exporters
Share in world total exports
(Spanish exports / world exports), %
Source: CĂrculo de Empresarios based on Ministry of Economy, Industry and Competitiveness, January 2018
Share in world total exports
1 China 13.2
2 USA 9.1
3 Germany 8.4
4 Japan 4.0
5 Netherlands 3.6
âŚ
16 SPAIN 1.8
43. 43
Trade balance, January â November 2017
(% annual change)
Source: CĂrculo de Empresarios based on Ministry of Economy, Industry and Competitiveness, January 2018
External sector
Imports
Capital goods
Chemical products
Energy
Exports Ⲡ9.1% 255,155.1 MâŹ
Imports Ⲡ11.1% 277,849.2 MâŹ
BALANCE ⲠDeficit 39.2% -22,694.2 MâŹ
Ⲡ31.1% energy
deficit
Top 3 sectors
(% of the total)
20.3
16.4
16.4
Exports
Capital goods
Food
Automotive industry
21.4
15.0
13.2
Geographical distribution
(% to the total)
Exports Imports
Europe 71.7 60.5
EU 65.8 54.8
America 10.7 11
Asia 9.3 20.2
China 2.3 8.5
Africa 6.4 7.9
Other 1.9 0.4
44. Energy: higher trade balance deficit due to higher
oil prices
44Source: CĂrculo de Empresarios based on EIA, Bloomberg, Eurostat and Club EspaĂąol de la EnergĂa, 2017 and 2018
The increase in oil prices affects trade deficit
(Ⲡimports value) and private consumption
Spain â Energy dependence (72.3%)
Almost 20 points above EU28 average
⢠Ⲡdemand in the context of global growth
⢠Supply restrictive policies
⢠Geopolitical conflicts
⢠⟠supply of shale oil due to natural disasters
Ⲡoil prices, due to:
45. Tourism
45
Source: CĂrculo de Empresarios based on INE and TurespaĂąa, 2018
Tourism strength
2017
Main countries of origin Main destinations
UK
Germany
France
18.8 millions
11.9 millions
11.2 millions
Catalonia
Canary I.
Balearic I.
19 millions
14.2 millions
13.8 millions
2017
Record in
tourists
arrivals
81.8
millions
Ⲡ8.6%
YoY
Record in
tourism
expenditure
86,823
millions âŹ
Ⲡ12.2%
YoY
Spain might be in the 2nd place
in the international ranking,
following France and above USA
46. 46Source: CĂrculo de Empresarios based on INE and Eurostat, 2018
Spanish business sector
January 1st, 2017, 3,282,346 companies in Spain
Companies by size
% to the total
Micro
(0-9)
Small
(10-49)
Medium
(50-249)
Large
(> 250)
Micro
(0-9)
Small
(10-49)
Medium
(50-249)
Large
(> 250)
Spain 93.11 5.99 0.78 0.12 94.83 4.44 0.6 0.12
Germany 82.86 14.18 2.45 0.52 82.16 14.83 2.53 0.47
France 94.46 4.59 0.78 0.16 95.26 3.98 0.62 0.14
Italy 94.27 5.11 0.53 0.08 95.2 4.23 0.49 0.08
Portugal 94.93 4.35 0.63 0.09 95.25 4.03 0.62 0.1
United Kingdom 89.29 8.79 1.55 0.37 88.94 9.25 1.48 0.32
2008 2017 (Eurostat forecasts)
In 2017 Q4, the creation of
companies in Spain fell by
3.8% (21,763 new
corporations).
In 2017 it decreased by
7.2% (94.998 new business)
-15.9
2.2 -15 2.8
23.8
8.3
-19.1
-18.3
1.6
-5.6
-2.8
-1.3
1.2
4.6
-2
4.1
9.5
2017 Q4
Bt region
% annual
change
Total
-3,8
47. Corporates in Catalonia
47Source: CĂrculo de Empresarios based on INE, 2017
The creation of corporations in Catalonia
decreased in November by 19%
compared with the same month of 2016
(vs. -2% at a national level)
Companies whichhave moved their headquarters out of Catalonia between
Oct. 1st, 2018 and Dec. 31st 2017 3,208
The companies that have moved their
headquarters = 40% of its regional GDP
Between October the 1st and February 2018,
3,220 companies moved their headquarters
out of Catalonia (85% of its market
capitalization).
48. Interest rates and risk premium
48Source: CĂrculo de Empresarios based on Bank of Spain, 2018
The risk premium is again below 90 bp, in minimum levels over the last 3 years
âź Spanish 10 year yield < 1.40%.
Fitch: ⲠSpanish credit rating
BBB + (positive) â A- (stable)
ⲠGerman 10 years yield
to around 0.73%.
49. Financial markets: Ibex 35
49Source: CĂrculo de Empresarios based on BME and Investing, 2018
Ibex 35 closed 2017 with annual
gains of 7.4%
2017 annual gains
Closing
2017
Gains
2017
IBEX 35 10.043,9 7,40%
IBEX 35 WITH DIV 26.939,6 11,25%
IBEX 35 MEDIUM CAP 15.060,0 3,97%
IBEX 35 SMALL CAP 6.580,2 31,44%
50. Spainâs position in international rankings
N. Zealand
Singapore
Denmark
SPAIN
50
Global Gender Gap Index 2017
(144 countries)
Source: WEF, Nov. 2017
Ⲡ5
( vs. 2016)
Korea
Sweden
Singapore
SPAIN
1
2
3
29
2018 Innovation Index
(50 countries)
Source: Bloomberg, 2018
1
2
3
28
Doing Business 2018
(119 countries)
Source: World Bank, 2017
â˛4
(vs. 2017)
Iceland
N. Zealand
Israel
SPAIN
1
2
3
25
Golden Age Index
(34 OECD countries)
Source: PwC, 2017
=
(vs. 2016)
USA
Switzerland
Canada
SPAIN
1
1
3
34
Global Entrepreneurship Index 2018
(137 countries)
Source: GEDI, 2017
Iceland
Norway
Finland
SPAIN
1
2
3
24
Estonia
N. Zeleand
Switzerland
SPAIN
1
2
3
28
2017 International Tax Competitiveness
Index (35 countries)
Source: Tax Foundation, 2017
=
(vs. 2016)
=
(vs. 2017)
âź 1
(vs. 2017)
51. www.circulodeempresarios.org
âThe quarterly reportâ, is a publication of the CĂrculo de Empresarios produced by its Department of the Economy, contains information and opinion from reliable sources. However the CĂrculo 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 CĂrculo 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.