Spain's business creation increases by 5.2% in September

The creation of new businesses in Spain increased by 5.2 percent in September on a yearly basis, data published on Friday by the Spanish National Institute of Statistics (INE) showed. The INE said a total of 6,293 new businesses were created in the ninth month of the year, of which 24.2 percent belonged to the trade sector and 20.5 percent to the construction sector. The institute explained that businesses created in September used a subscribed capital of more than 590 million euros (787 million U.S. dollars), which was 115.1 percent more than in the same month in 2012; while the average subscribed capital increased by 104.5 percent in annual terms to 93,795 euros. Meanwhile, the INE also reported that a total of 1,372 businesses were dissolved in September, or 11.8 percent more than a year ago. Of the total businesses dissolved in September 21.8 percent belonged to the construction sector, while 19.4 percent to the trade sector. On a monthly basis, the number of new businesses created in September increased by 10.8 percent while dissolutions of businesses rose by 5.7 percent. This marks the sixth consecutive month of business creation increase in Spain on a monthly basis. The Spanish government expects the economy to grow by 0.7 percent in 2014 and believes that a big part of Spain's economic recovery relies on small and medium size enterprises.