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Spain's business creation rises by 9.3 pct in May

Xinhua, July 13, 2016 Adjust font size:

The creation of new businesses in Spain rose by 9.3 percent in May when compared with the same month a year earlier, according to data published on Tuesday by Spain's Statistical Office (INE).

The INE said 8,812 new companies were created in the fifth month of the year, 23.9 percent of them being trade companies and 18.2 percent building companies.

Business creation in the country has been rising for two consecutive months on a year-on-year basis after rising by 14.8 percent in April.

New businesses in Spain used a subscribed capital of 382.8 million euros (422.9 million U.S. dollars), which meant a 15.9 percent fall when compared with May 2015, while the average amount of capital fell by 23 percent to 43,442 euros.

The INE said that 1,351 businesses were dissolved in May which meant a 0.8 percent fall when compared with a year earlier. A total of 70.9 percent of them were dissolved voluntarily, 7.3 percent via mergers and 21.8 percent for other reasons. Endit