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Spain Freight Transport Report 2010Published by: Business Monitor International Published: Jan. 7, 2010 - 49 Pages Table of Contents
AbstractSpain and France were, in July, holding talks over the construction of a new gas interconnector that would run along the Mediterranean coast, according to media reports quoting, Spanish national gas company (Enagás)’s chairman, Antonio Llarden. Llarden added that the new pipeline, which could have a capacity of 7-7.5bn cubic metres (bcm), could link the Medgaz pipeline between Algeria and Spain to France, with a possible start-up date of 2015. Spain and France have been looking to improve their currently inadequate cross-border pipeline infrastructure to promote security of gas supplies. Expanding current capacity at the interconnectors and constructing one or two new pipeline connectors, would allow for extra gas supplies from Spain's liquefied natural gas (LNG) imports for Algeria to be transported onwards to France, and could from there be transported further into north-western Europe. In its stimulus package that was approved in March, the EU pledged to support the expansion of the Larrau interconnector with EUR45mn of funding, while it has also allocated EUR200mn to support the expansion of the Africa- Spain-France gas network.Spain was hard hit by the 2009 downturn. We estimate GDP fell by a significant 3.9% and will contract again in 2010 by 0.9. The recovery will not really make itself felt until 2011 (+2.5%). BMI is forecasting average annual growth of 1.5% in the 2010-2014 period. We expect freight traffic, measured in mntkm, to grow by an annual average of 2.4% through the forecast period. This is rather unusual for a developed economy, as freight traffic growth will exceed the growth rate for the economy as a whole. However, we believe the explanation lies in the fact that Spain is still making up for the deficiencies in its transport infrastructure, and in that sense, is still experiencing a ‘catch-up’ phase of development. With improvements to rail infrastructure, the amount of freight carried by rail will see modest increases over the forecast period, with growth picking up as competition increases, trans-continental transport links improve and other eurozone economies expand. We expect rail freight to grow by an annual average of 1.1% in the forecast period. Between 2010-2014, road freight will rise faster, at an annual average of 2.6%. Road haulage will remain the main form of freight transport. We also expect airfreight to grow by 2.6% per annum, while pipeline throughput will be up by 2.3% per annum. Maritime freight will also grow by an average of 1.7% per annum. According to our latest estimates, the transport and communications sector contracted by 3.5% in GDP terms in 2009, 0.4pps slower than overall GDP, which we estimate to have fallen by 3.9%. For the 2010- 2014 forecast period we expect the transport and communications sector to narrowly outpace the economy as a whole. It will achieve average annual growth of 1.6%, versus 1.5% for overall GDP. The total value of the transport and communications sector will rise to US$116bn in nominal terms by 2014, representing 7.1% of Spain’s GDP. Get Full Details About This Report >> |
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