The Spanish Economy
Markit Services PMI. June 2015 (July 03, 2015)
Services activity growth moderates but remains sharp at end of Q2: the headline S.A. Business Activity Index posted 56.1 in June from 58.4 in May still pointing to a sharp monthly rise in services activity. Activity has now increased in each of the past 20 months.
Labour Market: Social Security covered workers. June 2015 (July 02, 2015 - pdf 59 KB)
In the month of June, Social Security system contributors increased by 35,085 persons (0.20%, m/m). In seasonally adjusted terms, Social Security contributors decreased by 2,104 persons. Versus a year earlier, the annual increase in recorded affiliation is 571,400 (3.42% y/y).
Labour Market: Registered unemployment. June 2015 (July 02, 2015 - pdf 66 KB)
In the month of June, registered unemployment decreased by 94,727 persons (-2.25%, m/m). In seasonally adjusted terms, registered unemployment increased by 24 persons. Versus a year earlier, the annual fall in registered unemployment is 329,397 (-7.40% y/y).
Long term auction: 2 July 2015 (July 02, 2015 - pdf 150 KB)
Three nominal bonds were auctioned with a target range of €2.5 to €3.5bn. Oct-18: €940m allotted, 2.97 bid to cover, 0.691% weighted average rate. Jul-2020: €601m allotted, 4.62 bid to cover, 1.291% weighted average rate. Apr-2025: €2.05bn allotted, 1.83 bid to cover, 2.258% weighted average rate. An inflation linked bond was also auctioned with an indicative range of €250 to 750m. Nov-2030 I/L: €587m allotted, 1.96 bid to cover, 1.552% weighted average rate. YTD the gross issuance of medium- and long-term bonds stands at €87.5bn (62% of the projected figure for the year).
Markit Manufacturing PMI. June 2015 (July 01, 2015)
Employment growth fastest in eight years: The SA PMI index posted 54.5 in June June, down slightly from 55.8 in May but still signalling a solid improvement in the health of the sector. Operating conditions have now improved in each of the past 19 months.
Retail Trade Index (RTI). May 2015 (June 29, 2015)
The monthly change of the RTI stands at 0.1% (SA) vs 1.3% m/m the previous month. The y/y change of the index stands at 3.4% (SA) and at 2.0% (original series).
- Weekly Economic Bulletin (June 26, 2015)
Banco de España: Spanish economic projections report (June 25, 2015)
This report updates the economic projections released in March. According to Banco de España, the performance of the Spanish economy will continue to improve, with estimated GDP growth of 3.1% and 2.7% in 2015 and 2016, respectively. Expected GDP growth in 2015 entails a 0.3 pp upward revision of the projection published last March
Quarterly Labour Cost Survey (QLCS). Q1-2015 (June 17, 2015)
The labour cost of companies increases 0.5% in the first quarter of 2015 vs the same period of 2014. The wage cost per worker per month increases 1.4% vs the same period of the previous year and other costs decreases 1.9%.
Consumer Price Index (CPI). May 2015 (June 12, 2015)
The y/y change of the May CPI index stands at -0.2% (-0.6% in April). Core CPI rises two tenths up to 0.5%. The harmonized consumer price index (HICP) stands at -0.3% (-0.7% in April) y/y.
IMF Spain 2015 Article IV Mission: Concluding Statement (June 08, 2015)
Spain has rebounded strongly and employment is increasing, helped by past reforms. However, the level of unemployment is still painfully high and vulnerabilities remain. Sustaining job-rich growth at the current pace, further reducing public and private indebtedness, and maintaining confidence will require additional fiscal efforts and structural reforms.
Industrial Production Index (IPI). April 2015 (June 05, 2015)
In April, the m/m change of the Industrial Production Index stood at 0.1% (SA). The y/y change of the IPI stood at 1.8% in SA terms and at 2.7% in the original series.
OECD: Economic Outlook June 2015 Spain (June 03, 2015)
The OECD improves its GDP growth forecast for Spain to 2.9% for 2015 (up from 1.7% in November 2014) and to 2.8% for 2016 (up from 1.9%). Robust growth is projected over the next two years, driven by very supportive financial conditions, the depreciation of the euro, lower oil prices and strengthening trading partner growth. The fiscal stance is assumed to be mildly contractionary. Private consumption growth will be supported by rising employment and incomes, household tax cuts, and lower fuel prices and interest rates. Export growth will be underpinned by cost competitiveness gains, including from the depreciation of the euro, and stronger growth in Europe. Persistent slack will keep inflation low.
(June 2015 - pdf 1.2 MB)
Stability Programme 2015-2018 (Summary presentation)
(April 2015 - pdf 583 KB)
National Reform Programme 2015 Executive Summary
(April 2015 - pdf 251 KB)