• Spain's news in English

Emigration threatening Spain's economic growth

George Mills · 25 Sep 2014, 10:19

Published: 25 Sep 2014 10:19 GMT+02:00

Facebook Twitter Google+ reddit

Both the current rate of emigration of foreign residents from Spain and of Spaniards themselves could “have a significant effect on the potential growth of the Spanish economy”, said the bank in its September monthly bulletin.

“With the arrival of the crisis, the number of migrants working in the Spanish economy has changed radically,” said the report’s authors.

They noted that around a million migrated to Spain in 2007, that number was just 342,000 in 2013. At the same time, some 500,000 people left Spain last year.

While the central bank recognized many of those people were foreign residents leaving the country, it said there was a growing trend towards Spaniards leaving to seek economic opportunities elsewhere.

The institution also stressed that the initial wave of departures included many younger, highly-qualified individuals but that since 2010 a higher number of older and less-qualified individuals had made the decision to leave Spain.

This could seriously threaten Spain’s economy recovery, the central bank said, calling on Spain to step up efforts to bring down unemployment and make the country a more attractive place to work.

The September report also saw the central bank saying the country's economic growth could slow in the third quarter on the back of lower domestic demand.

"For domestic consumption, opinion polls and retail indicators are, on average in July and August, below the levels that were seen in the second quarter," the report said.

The report also said job creation had been slower in the third quarter to date than in the first half of the year.

Story continues below…

Spain clocked up 0.6 percent growth in the second quarter of 2014, it's fastest growth in six years as the country slowly emerges from its long economic crisis.

Spanish Prime Minister Mariano Rajoy is currently in China selling Spain's recovery in a bid to drum up business.

He is expected to revise up 2014 growth forecasts for the country to 1.3 percent from 1.2 percent on Friday, lower than the original planned revision of 1.5 percent for the year, according to Spain's El Mundo newspaper.

For more news from Spain, join us on Facebook and Twitter.

George Mills (george.mills@thelocal.com)

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Spain's 'Napflix' aims to bore viewers to sleep
Photo: Screengrab/ Napflix

A Spanish video platform called Napflix, designed to put people to sleep with dull content, was launched this week and its founders are on the lookout for more "monotony and repetition."

Recipe: How to make fabada - traditional Asturian bean stew
Photo: Flavio Lorenzo Sánchez/Flickr

The hearty Asturian dish is a perfect lunch on a cold day... and don't forget the crusty bread and cider!

Brit 'paedo' held on Costa del Sol after Most Wanted appeal

One of Britain's most wanted fugitives was arrested on the Costa Del Sol following a tip-off from an expat just hours after his face appeared on a public appeal.

Spain's parliament approves deficit reduction measures
Photo: Images Money/Flickr

Spanish lawmakers approved on Thursday measures to reduce the public deficit and keep it under the target agreed with the European Union.

'Cubism and War' show opens at Barcelona Picasso Museum
Pablo Picasso Harlequin and Woman with a Necklace. Photo: MP

Barcelona's Picasso Museum unveiled an exhibition on "Cubism and War" on Thursday depicting how one of the most influential artistic styles of the 20th century survived the First World War.

Why this bionic limb pioneer doesn't believe in disability
Hugh Herr has been award Spain's top science prize. Photo: FPA

The Local speaks to Hugh Herr on winning Spain's top science prize and how being an amputee doesn't make him disabled.

Dine in the buff at Spain's first nudist restaurant
A buffet of organic food will be served on "human tables". Photo: Innato / Facebook

Spain's first naked dining experience is to arrive on the island of Tenerife following the success of a similar venture in London.

Spain's top court overturns bullfighting ban in Catalonia
Photo: AFP

Spain's Constitutional Court on Thursday cancelled a bullfighting ban in Catalonia in what is likely to exacerbate tensions between Madrid and the separatist region, and between animal activists and fans of the tradition.

Out of the dark: Five years on from Eta ceasefire
Eta members made a ceasefire declaration in January, 2011. Photo: Gara / AFP

Five years after armed separatist group Eta declared a permanent ceasefire, Basque journalist Alberto Letona is still wondering when the dialogue will begin.

Hunt for ten most wanted Brit fugitives hiding out in Spain
Call Crimestoppers if you recognize these faces.

These fugitives from British justice are thought to be hiding out in Spain. Do you recognize anyone?

Sponsored Article
How to vote absentee from abroad in the US elections
Madrid parish church faces fine over 'too noisy' bells
Sponsored Article
Last chance to vote absentee in the US elections
Celebrate expat life at Madrid’s THRIVE convention
Fury after kids told to bring their own loo roll to school
Sponsored Article
How to vote absentee from abroad in the US elections
Disney announces plans for Don Quixote action movie
Activist tells 8-yr-old matador wannabe with cancer 'just die'
King to make last minute push to avoid third vote in Spain
Amazing photos of Catalonia's 'human tower' contest
What's on in Spain: October 2016
'No way, Jose! You'll never get your hands on our Rock'
Recipe: How to make a classic Spanish tortilla de patatas
Chorizo in paella? Go back to cooking school Jamie Oliver
Spain in eye of a perfect storm after 10 months without govt
Thousands share clips of life for 'Spain in a Day' film
Ten incredible Spain locations for Game of Thrones season 7
Analysis & Opinion
Why moving to Spain could be the best decision of your life
Seven reasons why autumn is the very best season in Spain
Spanish study finds four types of personality. Which are you?
New search underway for civil war grave of poet Lorca
Bison found decapitated on Valencia nature reserve
Forgotten Voices: What Brits in Spain think about Brexit
One dead and 14 injured in blast at Spanish resort
Game of Thrones want extras 'with muscles' to film in Spain
Thousands march in Madrid to push for bullfighting ban
jobs available