Positive outlook

THE Bank of Spain has raised its economic growth forecast for 2023 to 2.3% from 1.6% in March as activity picked up more than expected at the start of the year, with energy costs easing and employment rising.

The country’s GDP has also been boosted in recent months with record numbers of foreign visitors pumping money into the economy.

The Bank says that GDP will rise by 2.2% and 2.1% respectively in 2024 and 2025.

“The Spanish economy has shown remarkable resilience in the first half of the year,” highlights the Bank of Spain’s quarterly report.

The entity believes that inflation will close the year at an average of 3.2% compared to 3.7% in its last quarterly report in March.

THE El Corte Ingles Group closed the 2022 financial year with global revenues of €15.3 billion - up 22.5% compared to the previous year with net profits rising seven-fold to €870 million.

The group says the results are down to the way it has developed its business, cut costs, and introduced management improvements which has allowed it to consolidate growth despite customers having to endure higher inflation and interest rates.

“The solid financial position together with a strong recovery in profitability will allow the group to undertake new projects in the future,” an El Corte Ingles statement said.

The main growth driver has been the retail side of the business, which achieved sales of €12.2 billion representing a growth of 7.8% compared to the previous year with fashion doing well as sales went up by 16.3%.