New business creation increases by 3.7 pct in Spain

New business creation in Spain increased by 3.7 percent in the year till September 2012, the Spanish National Institute of Statistics (INE) reported on Friday. A total of 5,970 businesses were established in September, while 1,223 were dismantled. INE said subscribed capital to create these enterprises was more than 273 million euros (347 million U.S. dollars) with the average being 45,793 euros (58,000 U.S. dollars). Some 2,227 business corporations increased their capital in September which meant a 9.4 percent decrease since September 2011. Out of the enterprises that were shut down, 70.6 percent were voluntarily closed, 10.1 percent were dismantled through mergers and the remaining 19.3 percent were dissolved due to other reasons.