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Spain's business creation shots up by 23.4 pct in August

Xinhua, October 11, 2016 Adjust font size:

The creation of new businesses in Spain shot up by 23.4 percent in August when compared with the same month of a year earlier, according to data published on Monday by Spain's Statistical Office (INE).

The INE said that 6,403 new companies were created in the eighth month of the year. They used a subscribed capital of more than 779 million euros (872 million U.S. dollars), which meant a 159.7 percent rise when compared with August, 2015.

The average amount of capital stood at 121,814 euros, the INE said, which meant a 110.4 percent increase when compared with August, 2015.

Business creation has been rising for five consecutive months year-on-year after having risen by 14.8 pct in April, by 9.3 pct in May, by 12.7 percent in June and by 1.7 percent in July.

Meanwhile, 1,236 businesses were dissolved in August, which meant a 3.8 percent rise year-on-year. 69.9 percent were dissolved voluntarily, 16 percent via mergers and 14.1 percent for other reasons.

The INE also reported that on a month-to-month basis the creation of new businesses in Spain fell by 22 percent, while the number of businesses dissolved fell by 7.8 percent. (1 euro = 1.12 U.S. dollars) Endit