SPAIN COLD BE IN ONE OF THE TOP 5 ECONOMIES IN JOB CREATION.
The high growth of the Spanish economy in 2015 (+ 3.2%) and exceptional external factors such as crude price, the low euro interest rate, the massive purchase of European sovereign debt and the foreign tourism activity could push up the job creation in Spain in the coming months.
These external factors could contribute to sharply speed up the Spanish economy, because of its high dependence and low energy efficiency, high public and private indebtedness, strong specialization in tourism and charged propensity to foreign trade deficit, due to a growth model heavily based in domestic demand; however Etalentum analysts, specialized in headhunting in Spain, alert that we should be watching to the short term macroeconomic indicators like tensions in China, US economy growth, which could threaten the forecasts of the Spanish recruitment activity.
The falldown of the crude price, has given advantage to the Spanish economy, because of its high energy consumption per unit compared to the European average. Caixa Bank estimates that Spain grows 0,10 % for each additional 10% crude price decrease and the Bank of Spain estimates 0,15% for the same discount. Since June 2014 the crude price decreased a 69.8%, so the effect of the price decrease has improved 1,047 points of the Spanish GDP, with corresponding job creation, equivalent to one third of the national growth in 2015. We have to consider also, that the Spanish growth has been supported, in 2015, by the increase of the public spenditure (4% increase), creating 73.100 public employment places (14% of the total, according to the National Statistics Institute – INE). The uncertain political context does not seem to be a determining factor, at the moment, in the deterioration of the economy trust.