The Spanish Economy
International Trade Report - November 2016 (January 19, 2017 - pdf 863 KB)
In November exports increased by 8.5% in nominal terms to €23.51bn (+7.4% y/y SA), whereas imports avanced by 5.3% to €24.75bn (+3.9% y/y SA). In real terms, exports increased by 9.3% y/y and imports grew by 7.0% y/y. Spain’s trade balance registered a deficit of €1.25bn, down from a €1.85bn deficit in November 2015 (provisional data).The export/import coverage ratio reached 95.0% (92.1% in November 2015 with provisional data).
Long term auction: 19 January 2017 (January 19, 2017 - pdf 93 KB)
Three references were auctioned with a target range of €4 to €5 bn. Jan-2019: €0.66bn allotted, 3.98 bid to cover, -0.234% weighted average rate. Apr-2022: €3.20bn allotted, 1.36 bid to cover, 0.399% weighted average rate. Oct-2023: €0.97bn allotted, 2.24 bid to cover, 0.769% weighted average rate.
European Commission: Opinion on the updated Draft Budgetary Plan of Spain (January 17, 2017)
Overall, the EC considers that the updated DBP of Spain is broadly compliant with the provisions of the SGP. According to the updated EC 2016 autumn forecast, the required fiscal effort is expected to be met in both 2017 and in cumulative terms over 2016 and 2017. While the fiscal policy measures taken so far by the government have significantly increased the probability of meeting the 2016 headline deficit target and delivering the required structural effort in 2017, albeit with a narrow margin, the 2017 headline deficit target is not projected to be met. The EC therefore invites the authorities to stand ready to take further measures should fiscal developments indicate a heightened risk of not fulfilling the Council's requirements.
Short term auction (Letras): 17 January 2017 (January 17, 2017 - pdf 85 KB)
Two references were auctioned with a target range of €5 to €6 bn: 6-month Letras: €1.13bn allotted, 2.28 bid-to-cover, -0.364% weighted average rate. 12-month Letras: €4.51bn allotted, 2.09 bid-to-cover, -0.291% weighted average rate.
IMF: World Economic Outlook Update - January 2017 (January 16, 2017)
The IMF GDP growth forecast for Spain: 2.3% for 2017 (2.2% in October) and 2.1% for 2018 (1.9% in October).
- Fiscal Policy Strategy. January 2017 (January 16, 2017)
Consumer Price Index (CPI). December 2016 (January 13, 2017)
The y/y change of the CPI index stands at 1.6%, nine tenths more than the registered the previous month. Core CPI increase two tenths to 1.0%. The harmonized consumer price index (HICP) increase nine tenths to 1.4%.
- Weekly Economic Bulletin (January 13, 2017 - pdf 1.2 MB)
Industrial Production Index (IPI). November 2016 (January 11, 2017)
The m/m change of the Industrial Production Index stood at 1.7% (SA). The y/y change of the IPI stood at 3.2% in SA terms and at -4.6% in the original series.
Tesoro Público: 2017 Strategy (January 09, 2017)
Kingdom of Spain's issuance calendar for 2017 (and review of 2016)
(December 2016 - pdf 1.2 MB)
Stability Programme 2016-2019 (Summary presentation) ES
(April 2016 - pdf 234 KB)
National Reform Programme 2016 Executive Summary
(April 2016 - pdf 190 KB)