Companies listed on the Ibex will close the year with approximately 32.6 billion euros in earnings, which is nearly double the 2012 figure. But these earnings are still far removed from a record 2008 when Spanish companies raked in a whopping 53.46 billion euros.
Banking companies such as BBVA, Sbadell, Caixa-Bank, Santander and Bankinter are driving the improved earnings, making up for the majority of companies on the index who are struggling to maintain domestic sales.
Still, the increase in corporate profits is a good thing. It confirms that foreign trade is finally working after years of trying to globalize the Spanish financial industry. This process should be continued in order to boost the economic growth that the country is forecasted to see in the next several years.
