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Spain's business creation falls by 6.9 pct in October

Xinhua, December 17, 2015 Adjust font size:

The creation of new businesses in Spain fell by 6.9 percent in October in comparison with the same month of a year earlier, according to data published on Wednesday by Spain's Statistical Office (INE).

Business creation has been falling for two consecutive months year-on-year after decreasing by 2.8 percent in September and by 6.9 percent October. The INE said 7,432 new businesses were created in October, which meant a 15.3 percent rise on a month-to-month basis.

New businesses in Spain used a subscribed capital of 592 million euros (647 million U.S. dollars), which meant an 11 percent decrease when compared with a year earlier, while the average amount of capital fell by 4.5 percent to 79,745 euros.

The INE reported that a total of 1,527 businesses were dissolved in October, which meant a 16.6 percent fall on a year-on-year basis. Some 62.4 percent of them were dissolved voluntarily, 13.1 percent via mergers and the remaining 24.5 percent for other reasons.

The regions of Madrid, Catalonia and Andalusia saw the largest number of new businesses in the tenth month of the year and also the largest number of dissolutions. (1 euro= 1.09 U.S. dollar) Enditem