The Spanish trade union CCOO has called for raising wages to restore purchasing power amid historically high corporate profit margins, particularly driven by the oil refining industry. According to a report published by CCOO using data from Spain’s Ministry of Economy, the Bank of Spain, and the Tax Agency, gross margins reached 12.8% between Q3 2025 and Q2 2026, close to historical highs. The energy sector saw record profitability, with a sales margin of 24.5% over the same period, largely due to increased oil refining profits. CCOO warns that rising energy costs and pressure to maintain profit margins could lead to hidden inflation. The report highlights that between 2018 and 2026, increases in gross value added per employee and gross margin per employee outpaced average wage growth, urging policymakers to address the growing gap between productivity and wages.
Bias read (Progressive): The article frames the situation as a call for higher wages to counteract corporate profit margins, which are described as 'historically high.' It emphasizes the need to 'close the gap between productivity and salaries' and criticizes companies for using rising costs to expand already high margins.
