New businesses in Spain increase by 3.7% in February

The total number of new businesses created in Spain increased by 3.7 percent in February when compared with the same month in 2013, according to data published on Tuesday by the National Institute of Statistics (INE). The INE reported that a total of 8,976 new businesses were created in February with the regions of Madrid and Catalonia registering the highest number of new businesses at 1,953 and 1,661 respectively. The northern regions of La Rioja and Cantabria reported the lowest number of newly-created businesses with a total of 43 and 87 respectively. Businesses created in February used a subscribed capital of more than 1.04 billion euros (1.43 billion U.S. dollars), which meant a 78.4 percent increase year-on-year. The average amount of capital stood at 115,906 euros, meaning a 72 percent increase in comparison with February 2013. The INE reported that 22.6 percent of businesses created belonged to the trade sector, while 17.1 percent were in construction. Meanwhile, a total of 2,124 businesses were dissolved in February, which meant a 17.1 percent fall when compared with the same month in 2013