El Banco de España advierte de que el PIB acelera su caída en el cuarto trimestre
La contracción de consumo de los hogares y de la inversión en construcción, entre las causas
El instituto emisor alerta de que la subida del salario mínimo puede llegar a perjudicar el empleo
Las ventas del comercio minorista suman 29 meses de caída
El País Madrid 28 DIC 2012 - 10:52 CET
The Bank of Spain warns of GDP fall accelerates in fourth quarter
The contraction in household consumption and construction investment, among the causes
The Central Bank warns that raising the minimum wage can actually damage the employment
The retail sales fall totaling 29 months
The Country Madrid 28 DIC 2012 - 10:52 CET
The Spanish economy accelerates its downward trend that began in late 2011. The Bank of Spain reports in its economic bulletin of December in the last quarter of contraction in domestic demand caused a further decline in gross domestic product (GDP), driven by lower investment in construction and a moderation dynamism of tourism in the middle of the year.
All sectors were affected by the recession, fewer vehicle registrations, which rose 5.3% from the previous month by the impact of the aid program (PIVE).
The central bank maintains that the deficit will moderate, and that between October and December concentrates a "significant portion" of the impact of the budgetary measures approved during the year, as the increase in VAT and corporation tax, and the elimination of December extra pay of public employees.
The central bank maintains that the government's decision not to update the diversion pensionespor November inflation as in the regulations in force will help moderate the growth of social benefits at the end of the year.
The State, according to the institute, until November accumulated a deficit in cash terms than 28,000 million euros, significantly lower than a year earlier, a trend that should "accelerate" in December.
Rising wages can harm employment
The increase observed in November in collective bargaining agreements focused on revised, with an average increase in wages of 1.5% compared to 0.7% of the new firm, a level close to 0.5% recommended II in the Employment Agreement and Collective Bargaining.
The Bank of Spain, however, confident that the average increase in total wages moderate in December and fears that raising the minimum wage (SMI) can jeopardize employment of certain groups, particularly young people under 25 and those over 45, as these groups have more difficulty compensating wage growth over productivity.
The bulletin notes that in the last decade only between 0.6% and 0.9% of the workers have been directly affected by the annual increases in the SMI, as are those whose salary is below the minimum amount set for the following year, although this percentage increases to 2% for the youngest.
The Cabinet expected to approve on Friday a 0.6% increase in the minimum wage in 2013, reaching 645.3 per month compared to 641.4 euros of 2012, the year that has remained frozen.
The Bank of Spain estimates that a rise of 100 euros minimum wage increases by 7 percentage points the probability of job loss for those under 25 years and up to 14 points for those over 45.
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