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On Time 2018 Timespain Mechanical & Automatic Watches online Chrono Friday, 22 June, 2018 (Chrono Time: Minutes, Seconds 11:35, 45)
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The standard time used is UTC (Universal Time Coordinated). In Spain there are two time zones: UTC and UTC +1. The first is used only in the Canary Islands, and the second, also known as Central European Time or CET in all other Spanish territory. So, when it is three o'clock in the Canaries, for example, it is four o'clock in Madrid.
On the last Sunday in March, we put the clocks forward an hour in order to adapt to summer time, which is used until the last Sunday in October, when the clocks are put back again to return to winter time.
Spain Time What's the time in Spain Time Zone now? Spain Time - Time ZoneCentral European Time (CET)Central European Standard Time = GMT+1Central European Summer Time = GMT+2
Does Spain Time observe Daylight Saving / Summer Time?Like most states in Europe, Summer (Daylight-Saving) Time is observed in Spain Time, where the time is shifted forward by 1 hour; 2 hours ahead of Greenwich Mean Time (GMT+2). After the Summer months the time in Spain Time is shifted back by 1 hour to Central European Time (CET) or (GMT+1)
Capital City: Madrid
Estimated Population: 40,341,462
Area in Sq. Km: 504,782
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The true origins of the name España and its cognates "Spain" and "Spanish" are disputed. The ancient Roman name for Iberia, Hispania, may derive from poetic use of the term Hesperia to refer to Spain, reflecting Greek perception of Italy as a "western land" or "land of the setting sun" (Hesperia) and Spain, being still further west, as Hesperia ultima It may also be a derivation of the Punic Ispanihad meaning "land of rabbits" or "edge", a reference to Spain's location at the end of the Mediterranean; Roman coins struck in the region from the reign of Hadrian show a female figure with a rabbit at her feet There are also claims that España derives from the Basque word Ezpanna meaning "edge" or "border", another reference to the country being at the extreme southwest of the European continent.The humanist Antonio de Nebrija proposed that the word Hispania evolved from the Iberian word Hispalis, meaning "city of the western world". According to a new research by Jesús Luis Cunchillos published in 2000 with the name of Gramática fenicia elemental (Basic phoenician grammar), the root of the term span is spy, meaning "to forge metals". Therefore i-spn-ya would mean "the land where metals are forged".The basic institutional law of the autonomous community is the Statute of Autonomy. The Statutes of Autonomy establish the denomination of the community according to its historical identity, the limits of their territories, the name and organization of the institutions of government and the rights they enjoy according the constitution.The government of all autonomous communities must be based on a division of powers comprising:* a Legislative Assembly whose members must be elected by universal suffrage according to the system of proportional representation and in which all areas that integrate the territory are fairly represented;* a Government Council, with executive and administrative functions headed by a president, elected by the Legislative Assembly and nominated by the King of Spain;* a Supreme Court of Justice, under the Supreme Court of the State, which head the judicial organization within the autonomous community.Besides Andalusia (Sevilla), Catalonia (Barcelona), the Basque Country (Bilbao) and Galicia (Santigo De Compostela), which identified themselves as nationalities, other communities have also taken that denomination in accordance to their historical regional identity, such as the Valencian Community (Valencia) the Canary Islands (Tenerife & las Palmas) the Balearic Islands (Palma De Mallorca) and Aragon (Zaragoza)The autonomous communities have wide legislative and executive autonomy, with their own parliaments and regional governments. The distribution of powers may be different for every community, as laid out in their Statutes of Autonomy. There used to be a clear de facto distinction between so called "historic" communities (Basque Country, Catalonia, Galicia, Andalusia) and the rest. The "historic" ones initially received more functions, including the ability of the regional presidents to choose the timing of the regional elections (as long as they happen no more than four years apart). As another example, the Basque Country, Navarre and Catalonia have full-range police forces of their own: Ertzaintza in the Basque Country, Policía Foral in Navarre and Mossos d'Esquadra in Catalonia. Other communities have a more limited force or none at all (like the Policía Autónoma Andaluza in Andalusia or the BESCAM in Madrid). However, the recent amendments made to their respective Statute of Autonomy by a series of "ordinary" Autonomous Communities such as the Valencian Community or Aragon have quite dilluted this original de facto distinction.SubdivisionsAutonomous communities are composed of provinces (provincias), which serve as the territorial building blocks for the former. In turn, provinces are composed of municipalities (municipios). The existence of these two subdivisions is granted and protected by the constitution, not necessarily by the Statutes of Autonomy themselves. Municipalities are granted autonomy to manage their internal affairs, and provinces are the territorial divisions designed to carry out the activities of the StateThe current fifty province structure is based—with minor changes—on the one created in 1833 by Javier de Burgos. The communities of Asturias, Cantabria, La Rioja, the Balearic Islands, Madrid, Murcia and Navarre, having been granted autonomy as single-provinces for historical reasons, are counted as provinces as well.According to the World Bank, Spain's economy is the ninth largest worldwide and the fifth largest in Europe. It is also the 3rd largest world investorThe centre-right government of former prime minister José María Aznar had worked successfully to gain admission to the group of countries launching the euro in 1999. Unemployment stood at 7.6% in October 2006, a rate that compared favorably to many other European countries, and especially with the early 1990s when it stood at over 20%. Perennial weak points of Spain's economy include high inflation a large underground economy and an education system which OECD reports place among the poorest for developed countries, together with the United States and UKHowever, the property bubble that had begun building from 1997, fed by historically low interest rates and an immense surge in immigration, imploded in 2008, leading to a rapidly weakening economy and soaring unemployment. By the end of May 2009 unemployment had already reached 18.7% (37% for youths)The Spanish economy had been credited for having avoided the virtual zero growth rate of some of its largest partners in the European Union In fact, the country's economy had created more than half of all the new jobs in the European Union over the five years ending 2005, a process that is rapidly being reversed The Spanish economy had been until recently regarded as one of the most dynamic within the EU, attracting significant amounts of foreign investment During the last four decades the Spanish tourism industry has grown to become the second biggest in the world, worth approximately 40 billion Euros, about 5% of GDP, in 2006More recently, the Spanish economy had benefited greatly from the global real estate boom, with construction representing an astonishing 16% of GDP and 12% of employment in its final year According to calculations by the German newspaper Die Welt, Spain had been on course to overtake countries like Germany in per capita income by 2011 However, the downside of the now defunct real estate boom was a corresponding rise in the levels of personal debt; as prospective homeowners had struggled to meet asking prices, the average level of household debt tripled in less than a decade. This placed especially great pressure upon lower to middle income groups; by 2005 the median ratio of indebtedness to income had grown to 125%, due primarily to expensive boom time mortgages that now often exceed the value of the propertyIn 2008/2009 the credit crunch and world recession manifested itself in Spain through a massive downturn in the property sector. Fortunately, Spain's banks and financial services avoided the more severe problems of their counterparts in the USA and UK, due mainly to a stringently enforced conservative financial regulatory regime. The Spanish financial authorities had not forgotten the country's own banking crisis of 1979 and an earlier real estate precipitated banking crisis of 1993. Indeed, Spain's largest bank, Banco Santander, took part in the UK government's bail-out of part of the UK banking sectorA European Commission forecast had predicted Spain would enter a recession by the end of 2008 According to Spain’s Finance Minister, “Spain faces its deepest recession in half a century Spain's government forecast the unemployment rate would rise to 16% in 2009. The ESADE business school predicts 20%.
Spain's rapid industrial development dates from about 1960, but the underlying structure that made it possible resulted from a concerted effort by the government to reconstruct and to modernize the economy after the destruction caused by the Civil War. In the initial post-Civil War period of the early 1940s, the immediate need was for economic self-sufficiency because World War II had disrupted international trade patterns. After the war, most of the rest of Western Europe faced reconstruction problems, which left little surplus foreign capital for Spain. In addition, a political and economic boycott by the victorious Allies, the result of Franco's pro-Axis leanings, left Spain dependent on its own resources. The result was the slow, forced development of a diversified industrial sector, which would not have been economically justified if Spain had been able to trade freely with its neighbors. The high operating costs, the low rate of exports, and the inflation that consequently befell the Spanish economy made the 1940s a difficult period for the country.In the 1950s, Spain, which had not been an original participant in the Marshall Plan, received considerable aid from the United States as part of a military basing agreement signed in 1953. Industrial development subsequently became more rapid, but it was still hampered by the country's continued isolation from the more quickly recovering economies of Western Europe. Inflation, fairly well under control in the rest of Europe, was rampant in the 1950s, and foreign exchange reserves declined because of Spain's continuing inability to export its products.The turning point for the economy, particularly for its industrial sector, occurred in 1959, when a stabilization program went into effect. This program marked the end of Spain's economic isolation. Its outmoded system of multiple exchange rates was abandoned, and the peseta was devalued by 42.9 percent. Import duties and quotas were progressively lowered or removed, and exports were encouraged by subsidies, export credits, and other promotional efforts. The result of these initiatives was the structural transformation of Spanish industry during the 1960s. The manufacturing sector grew in real terms at an annual rate of 10.3 percent between 1958 and 1969. This growth was led by the motor vehicle and the chemical industries, both of which were stimulated by foreign capital and technology. The annual growth rates of these two key sectors were 24 and 14 percent, respectively. In the same period, labor productivity grew by nearly 8 percent per year.Both domestic and export demand significantly contributed to the industrial growth of the 1960s and the early 1970s. The export of manufactures rose from 43.5 billion pesetas in 1960 to 191 billion pesetas in 1973, or from about 30 to 63 percent of the country's total manufacturing output.The slowdown of the world economy caused by the increase in oil prices in the 1970s began to affect Spain in the second half of 1974. Unique among Spain's major industrial sectors, mining had been in trouble even before the price hike. It had continually experienced the slowest rate of growth during the period of expansion, and it reached its high point relatively early, in 1972. Construction was affected by the oil crises because of its relation to the booming tourist trade, which also suffered reverses in 1974. Within the manufacturing sector, textiles were particularly hard hit, and both the automobile and the shipbuilding industries faced reduced sales and cancellations. Rapidly rising unemployment and continuing inflation also indicated that the boom in Spain's industrial growth had stagnated.The economic boom of the 1960s and the 1970s had left Spain with a large steel-producing capacity and had made it into one of the world's largest shipbuilding nations. By the mid-1970s, both of these industries experienced a production capacity glut as a result of sharply reduced global and domestic demand. Industrial retrenchment, however, was postponed during the 1970s. Sheltered to some degree from the first oil price shock by a cut in taxes on oil products and cushioned by a high inflation rate, the persistence of negative interest rates, and protectionist tariff barriers--steel, shipbuilding, and other heavy industries continued their heavy investment in new capacity despite the downturn in world demand and the increasingly competitive international environment. Excess capacity in these industries coincided with rapidly rising labor costs and, as a consequence, with reduced competitiveness and profit margins.One of the by-products of the country's economic difficulties was a sharp reduction in industrial employment. In addition, the 1980 recession finally forced the government to permit Spanish oil prices to rise toward world levels, while interest rates declined.The first attempt at industrial restructuring was embodied in a 1981 law dealing with industrial reconversion. It proved difficult to implement, and a large part of the funds allocated for reconversion was siphoned off to cover losses among publicsector industrial companies. A more concerted attack was launched in 1983. The following year, a white paper on reindustrialization was issued, followed by a new law, the aims of which were to raise productivity and to restore industrial profitability by downsizing in order to restructure financial liabilities and to eliminate excess capacity and overmanning. To counterbalance these cutbacks, investment was directed toward new technologies for use in sectors that showed promise for greater growth and profit potential.Development and expansion were encouraged in such industries as food processing, consumer electronics, defense systems, and other "growth" sectors. The industrial reconversion program was accompanied, however, by considerable worker discontent and by violent incidents. The initial financial costs of the program were high, but over time they were expected to yield considerable benefits.By the mid-1980s, the economy had begun to emerge from a prolonged period of stagnation and crisis. The GDP commenced its expansionary growth, rising by 2.3 percent in 1984 and by a high of 4.7 percent in 1987. Meanwhile, industrial output had succeeded in shedding its sluggishness and had embarked on a vigorous cycle of growth. Industrial production grew by 0.9 percent in 1984, by 2.2 percent in 1985, by 3.5 percent in 1986, and by 4.7 percent in 1987. Observers projected that output would somewhat decrease in 1988 and in 1989, but that it would reach growth levels of 3.8 and 3.7 percent, respectively, in these years. Despite a modest decline in the mid-1980s, Spanish economic and industrial growth continued to be the strongest in Western Europe. Indicating an expanding economy, capital goods production increased by 9 percent in 1985, despite a previous decline in 1984. In the manufacturing sector, metal fabrication and the production of precision instruments increased from 1.8 percent in 1984 to 4.1 percent in 1985. Nevertheless, production increases in minerals and in chemicals were a minimal 0.2 percent in 1985, compared with 3.3 percent in 1984. Auto assembly output soared, but iron and steel production and shipbuilding experienced sharp declines. Traditional export-oriented activities, such as petroleum refining, and textile, shoe, and leather production were suffering from reduced competitiveness.In what probably would turn out to be the peak of the economic boom, all major economic sectors posted healthy production gains in 1987. In the wake of renewed investment demand, construction grew by an estimated 10 percent, and overall industrial growth was 4.7 percent.
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