Spain Blissfully Cruising Through Government Impasse
Those who believe, only half-jokingly, that politicians are often superfluous to a country’s sound administration will be buoyed by a positive commentary published on the authoritative CNN Money website.
According to the article, new data shows Spain's economy has been growing at an annual rate of more than three per cent for the last 15 months. “This marks a sustained and stunning comeback for a country that was brought to its knees four years ago when Spanish banks had to be bailed out following a big housing market collapse. And the country is motoring despite not having a functioning government since late 2015.”
So why, asks CNN, is Spain still basking in the sun while other countries such as Italy and France are floundering? “Gridlock in parliament means Spain has only a caretaker government… but the economy is moving along quite nicely… government spending in many areas has continued unabated because no one has the authority to reign in it. That could mean trouble ahead as borrowing rises, but for now it's helping.”
CNN’s conclusions were reinforced in the report by Stephen Brown, a European economist at Capital Economics in London. "Not only has the economy been on autopilot, but it's gotten a boost from the fact that fiscal policy is looser than it otherwise should have been," he said.
The country’s economy is also helped by an ongoing tourism bonanza. “Spain is having a great year for tourism,” reported CNN, “with visitor numbers up 11 per cent in the first seven months of the year. This is partly because tourists are avoiding France, Turkey and Egypt, which have all suffered a series of terrorist attacks.”
Furthermore, reported CNN, “More people are taking out mortgages, encouraged by record low interest rates. The Spanish Mortgage Association recently reported that new mortgages for homes were up 24 per cent in the first half of 2016 compared to the same period in 2015.”
Another reassuring report this week, by Brittany Ferries, poured more cold water on “post-Brexit gloom” and concerns about a possible “staycation summer”. The cross-channel ferry operator reported “a significant increase in the number of holiday-makers leaving the UK, to relax on the continent” – for both vehicle and passenger numbers, on its routes to Spain and France.
“It’s been a storming season for Brittany Ferries, one that has flown in the face of post-Brexit blues,” said Brittany Ferries group commercial director Mike Bevens. “Passenger numbers are up and we’re no longer the best kept secret on the Western Channel. Today, we are the most attractive alternative to no-frills airlines and most convenient choice when travelling to continental Europe by car.”
Meanwhile, tourism authorities on the Costa del Sol have been reassured by figures compiled from tour operators which also suggest Brexit is not having a negative effect on their travel plans. On the contrary, according to Elías Bendodo, president of Turismo Costa del Sol (the Coast’s tourist promotion board), the number of reservations by British tourists from June this year to January 2017 has increased by 26 per cent; while the volume of British visitors staying at hotels rose by 18 per cent during the first six months of the year.
As part of its campaign to maintain this growth, the organisation is focusing on initiatives that promote the area’s flourishing “language tourism” (for visitors wanting to sharpen up their Spanish) and “health & wellness” amenities – i.e. the Coast’s top-class hospitals and private clinics for those seeking special treatments (both medical and cosmetic) or general health and wellbeing services.
In this latter respect, Marbella is a prime destination for “health tourists”, so we head there this week for our featured home: a comfortable and conveniently located apartment that would be ideal for those seeking rest and convalescence (priced at an excellent €850,000).
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