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.BHOJUVEFT RVF NBSDBO FM DPOTVNP H R Medidas de ahorro de los españoles p en estos años de crisis (% encuestados)

Previsiones macro

Recortar en el entretenimiento fuera del hogar

PIB 54%

2017

2,8% 2,6%

18%

Ahorrar en gas y electricidad

2018

Consumo privado 53%

2,7% 2,4%

41%

Gastar menos en ropa nueva

Gasto público 43%

1,3% 1,5%

16%

Comprar marcas de alimentación más baratas 38%

Déficit público/PIB -3,2% -2,3%

15%

Tasa de paro (EPA)

Recortar en vacaciones y escapadas 36%

17,1% 15,7%

12%

Recortar en gastos de telefonía

IPC

33%

1,6% 1,4%

18% 0

Retrasar la actualización de tecnología (PC, móvil...) 32%

Precios de la cesta de la compra

10%

Usar el coche con menos frecuencia

1,2%

29% 15%

Ya adoptadas

Recortar en comida a domicilio 28% 12%

Recortar en tabaco 23%

¿Mantendría la medida si la economía mejora? (sobre

0,8%

0,7%

0,6%

0,1% IT 2014

IIIT T 1 2014

IT 2015

IIIT 2015

IT 2016

IIIT 2016 ) %& 1&%30

7*&/& %& 1¦(*/" 7*&/& %& 1¦(*/"

los que la adoptaron)

17%

-1,4%

Fuente: Nielsen, INE, BdE, Bloomberg, Análisis Bankinter

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&M NFSDBEP EF PSEFOBEPSFT FO &TQBÒB Q Venta por tipología (en millones de uds.)

Venta por marca (en miles de uds.) 1.018 985,2

2015 2016

6,08

Total Portátil Sobremesa

5,55 5, 5 55

667,8 676,8 484,3 479 380,5 283,4 296,7 273,3 205,9

40 4,0 04 4 4,04

180,5

3,61

3 3,47

3,64 HP

Lenovo

ASUS

Acer

Apple

Dell

3,21 2,94 22,9 994 4

Cuota de mercado 2016

2,62 2,44 4

2,37 3

Total

2,41 4 2,21 2

1,70 7

30,7%

Portátiles 21,1%

28,2%

Sobremesa 22,2%

36,1%

18,8%

1,54 5 1 1,10

1,24 2 0 1,03

1,22 2

HP 0 1,0

0,92 9

Lenovo 8,8%

15,1%

8,5%

2011

2012

2013

2014

2015

Lenovo HP 21,8%

Lenovo 7,4%

Apple

ASUS

2010

HP 20,4% ASUS

10,2%

Acer Apple

11,5%

Otros

Dell 5,6%

Acer

2016

Apple

Resto

ASUS Dell Otros 4,8%

3,9%

Dell 9,5%

Acer 3,5%

2,9%

Fuente: IDC

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(BTUP EF MPT FTQBร PMFT FO Q UFMFDPNVOJDBDJPOFT Comunicaciones fijas Telefonรญa fija Banda ancha fija Comunicaciones de empresa Servicios de informaciรณn 10.278,4 8.730,5

Comunicaciones mรณviles Telefonรญa mรณvil Banda ancha mรณvil Otros* *Servicios audiovisuales, venta y alquiler de equipos, etc

9.383

9.164,9

8.260,8 5.621,7

6.807,6

3.234,8

3.799,7

8.142,6 5.011,8 7.209

7.840,7

2.828,2

6.930,9 3.963,3

3.656,6

3.525 3.470,8 1.372,4

1.342,7

33,4 IIIT 2013 - IIT 2014

26,7

Fuente: CNMC

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4.153,1

3.761,3

IIIT 2014 - IIT 2015

1.328,8 22,3 IIIT 2015 - IIT 2016

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Evoluciรณn de las lรญneas de banda ancha fija por tecnologรญa

Telef. y banda ancha fijas

Telef. y b. ancha fijas y TV de pago B. ancha fija

Tv de pago

Telef. y b. ancha fijas, telef. y b. ancha mรณviles

8.417.195 1

9.297.063

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8.752.122

Telef. y b. ancha fijas, TV de pago, telef. y b. ancha mรณviles Otros (b. ancha fija y TV de pago; Telef. fija y TV de pago) xDSL Par de cobre de la red telefรณnica

7 020 7.020.112 0 0112 112 1

6.053.203

HFC Hรญbrido de fibra b รณptica y cable coaxial a

5.860.937 .

FTTH Fibra รณptica hhasta el hogar

3.965.437 5 662 5.662.213 66 421 2 7

6.877.599 6.877 .87 877.599

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WIFI-WIMAX-LMDS XConexiones inalรกmbricas n 4.207.072 0 33.965.437 .965.437 965 9 437 4

4.037.304 7

2.548.122 8

2.41 0 2.419.055 2.136.284 6 1.832.694 22.694 694 94 4

2.122.981 2

2.072.428 7

1.894.974 4 1.479.258 1.47 1.479.25 479.25 79 972.491 9 721.9 930 721.930

304.829 4 29

580.16 58016 1699 580.169

951.176 951.176 51 176 76

2 499.254 241.165 4

67 34 67.834 4 367.834 213.194 .1

IIT 2012

IIT 2013

IIT 2014

IIT 2015

67.945 9

94 779.421

169.700 7

IIT 2016

IIT 2012

IIT 2013

IIT 2014

Fuente: CNMC

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2014

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30,77%

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15,58

10,19% 5,16

25,40% 12,86

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29,84%

27,59% 14,13

15,28

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190 11,2 178,8

160,7 11,4 149,3 136,2 133 9,8 7,8 126,4 125,2

143,7 35,2

125,9 35,7

7,5 101,0

105,2 31,4

66,0 ,0 84,2

94,8 90,6 34,6

4,1 69,7

42,1

57,3

77,1 43,1

2,9 2,0 46,5

1,2 32,7

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Fuente: CNMC. Datos del segundo trimestre de cada año

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Variación anual del IPC (previsión para 2017 ) 3,0% 7% 2,7%

2,6%

IPC total (media: 2,2%)

2,9%

IPC subyacente (media: 1,0%)

2,5% 2 1% 2,1% % 2,1%

2,2% 2,3% 1,,8% 8% 1,8% 1,8% 1,

1 1,3% 1,1% 1,0% 1,0% 0 % 1,0% 0 0,9% 1,0% 1,0% 0 0 0 1,0% 9 9 0,8% 0,9% 0,9% , 8

0 1,0%

-B SFOUB WBSJBCMF HBOBSÆ QFTP B MP MBSHP EFM BÕP +03(& 1"3±4 -B SFOUB WBSJBCMF HBOBSÆ QFTP B MP MBSHP EFM BÕP

*OWFSUJS FO BMRVJMFSFT BMRVJMFSFT

Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic

Comportamiento de las principales bolsas europeas FTSE MIB (Italia) + 13,5% 13,5% 13,5 55% %

19.234,6 16.943,3

DAX (Alemania) 11.481,1 10.592,7

+ 8,4%

IBEX 35 (España) 9.352,1 8.716,8

FTSE 100 (Reino Unido) 7.142,8 6.781,5

+ 7,3%

31 dic 2016 + 5,3%

31 ago 2016

CAC 40 (Francia) 4.862,3 4.438,2

+ 9,6%

EUROSTOXX 50 (Eurozona) 3.290,5 3.023,1

+ 8,8%

Fuente: Funcas, Ministerio de Economía y Competitividad (con datos de Bolsa de Madrid, Infobolsa, Stoxx y Financial Times)

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Impuesto de alcohol y bebidas derivadas (M€)

7.253

789

7.064

-2,6%

2011

6.539

-7,4%

2012

6.661

+1,9%

2013

6.580

-1,2%

2014

6.083*

0%*

2015

-9,3%

2016

Fuente: Agencia Tributaria. *Datos hasta noviembre

2011

+4,2%

2012

781

775

746

715

+3,9%

2013

+0,8%

2014

2015

Fuente: Agencia Tributaria. *Datos hasta noviembre

JUAN FERRARI 1/%! NJOVUPT FT ! N.J#PMTJMMP

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713* 9.152

OP TPO MPT FTQFSBEPT FTQFDJBM NFOUF B QBSUJS EFM WFSBOP NFOUF B QBSUJS EFM WFSBOP %F NPNFOUP FM (PCJFSOP %F NPNFOUP FM (PCJFSOP QSFTFOUÖ FO EJDJFNCSF VO QB RVFUF RVF QSFUFOEF BVNFOUBS MB SFDBVEBDJÖO FO NJMMP OFT EF FVSPT -B QBSUJEB QSJO DJQBM QSPWJFOF EFM JNQVFTUP EF TPDJFEBEFT RVF BQPSUBSÆ NJMMPOFT oFO MB SFGPSNB NJMMPOFT oFO MB SFGPSNB EF SFDJCJÖ VOB SFCBKB DPO TJEFSBCMFo TFHVJEP EF PUSPT TJEFSBCMFo TFHVJEP EF PUSPT NJMMPOFT RVF QSPDFEF SÆO EF VOB MVDIB NÆT NFUJ DVMPTB DPOUSB FM GSBVEF GJTDBM 1BSB FM DJVEBEBOP EF B QJF TF TVCF FM UBCBDP Z MBT CFCJEBT BM DPIÖMJDBT FYDMVZFOEP MB DFS WF[B Z FM WJOP RVF BQPSUBSÆO FO DPOKVOUP NJMMPOFT /P PCTUBOUF MPT FYQFSUPT OP UJF OFO DMBSP FTUF BVNFOUP EF SF DBVEBDJÖO FTQFDJBMNFOUF FO FM DBTP EFM UBCBDP "MFHBO MB jDVSWB EF -BGGFSx RVF EFUFS NJOB RVF FM BVNFOUP EF MPT JNQVFTUPT QVFEF EFTJODFOUJ WBS FM DPOTVNP Z QPS UBOUP SF EVDJS MPT JOHSFTPT %F IFDIP

2016

9.949

2011

9.857

10.257 9.682*

8.370

-8,5%

+0,1%*

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Impuesto de hidrocarburos (M€)

18,9%

2012

-0,9%

2013

+4,1%

2014

Fuente: Agencia Tributaria. *Datos hasta noviembre

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+7,8%*

2015

2016

) %& 1&%30

Impuesto de labores de tabaco (M€)

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