The Spanish Economy
Quarterly National Accounts Q1-15 (May 28, 2015)
In Q1-15, the Spanish economy grew by 0,9% q/q, this rate is 2 tenths higher than that recorded the Q4-14 (0.7%). Year-on-year growth stands at 2.7%, compared with 2.0% registered in the previous quarter.
Retail Trade Index (RTI). April 2015 (May 28, 2015)
The monthly change of the RTI stands at 1.3% (SA) vs 0.2% m/m the previous month. The y/y change of the index stands at 4.0% (SA) and at 2.9% (original series).
- Weekly Economic Bulletin (May 22, 2015)
Long term auction: 21 May 2015 (May 21, 2015 - pdf 93 KB)
Three references were auctioned with a target range of €4.5bn to €5.5bn. Apr-18: €3.5bn allotted, 1.73 bid to cover, 0.246% weighted average rate. Jan-2020: €1.4bn allotted, 1.77 bid to cover, 0.641% weighted average rate. Jul-2030: €630m allotted, 3.36 bid to cover, 2.311% weighted average rate. YTD the gross issuance of medium- and long-term bonds stands at €68.7bn (48.4% of the projected figure for the year).
- Stability Programme 2015-2018 (May 19, 2015)
Spanish Economy Report (April 2015) (May 19, 2015)
The Spanish Economy: recent developments and prospects,
Short term auction (Letras): 19 May 2015 (May 19, 2015 - pdf 85 KB)
3-month Letras: €505.7m allotted, 4.9 bid-to-cover, -0.027% weighted average rate. 9-month Letras: €2.95bn allotted, 2.3 bid-to-cover, -0.005% weighted average rate.
European Commission: Spain Country-specific Recommendations 2015 (May 13, 2015)
The European Commission adopted on 13 May country-specific economic policy recommendations (CSR) for 2015 and 2016 asking for national actions to create jobs and stimulate growth. EU Ministers will discuss the CSR in June before EU Heads of State and Government endorse them on 25-26 June. They will be formally adopted in July. It is then up to Member States to implement the recommendations by including them in their national policies and budget plans for 2015-2016.
Consumer Price Index (CPI). April 2015 (May 13, 2015)
The y/y change of the April CPI index stands at -0.6% (-0.7% in March). Core CPI Remains at 0.3% y/y. The harmonized consumer price index (HICP) stands at -0.7% (-0.8% in March) y/y.
EC: Spain–Post Programme Surveillance. Spring 2015 Report (May 13, 2015)
The report finds that Spain is benefiting from structural reforms, fiscal consolidation and the recapitalisation of its banking sector. These factors are contributing towards the stabilisation of the financial sector, easier financing conditions, a strong economic recovery, an improving labour market, and cheaper borrowing costs for the Spanish state. The expansion of economic activity is also supported by lower oil prices, a favourable exchange rate and a less restrictive fiscal policy. As a result, the report finds that repayment risks for Spain’s ESM loan are very low at present. Nevertheless, significant economic imbalances remain. The momentum of reforms needs to be maintained and measures need to be fully and effectively implemented so as to sustain the recovery, further rebalance the economy and maintain confidence.
Industrial Production Index (IPI). March 2015 (May 08, 2015)
In March, the m/m change of the Industrial Production Index stood at 1.0% (SA). The y/y change of the IPI stood at 2.9% in SA terms and at 4.8% in the original series.
Markit Services PMI. April 2015 (May 06, 2015)
Fastest rise in activity since November 2006: the headline S.A. Business Activity Index rose to 60.3 in April from 57.3 in the previous month to signal a substantial monthly increase in activity, and the sharpest since November 2006. Activity has now increased in each of the past 18 months.
Labour Market: registered unemployment. April 2015 (May 05, 2015)
In the month of April, registered unemployment decreased by 118,923 persons (-2.67%, m/m). In seasonally adjusted terms, registered unemployment decreased by 50,160 persons. Versus a year earlier, the annual fall in registered unemployment is 351,285 (-7.5% y/y).
Investors Newsletter (May 05, 2015 - pdf 276 KB)
After posting a growth rate of 1.4% in 2014, GDP has continued accelerating. Preliminary data for Q1-15 point to 2.6% y/y growth, after seven consecutive quarters of positive growth, resulting in positive net job creation: +504,200 in the last twelve months. This newsletter provides a brief summary of the Updated Stability Programme for 2015-2018, and also sheds some light on recent indicators of Construction and Real Estate Promotion activity.
Markit Manufacturing PMI. April 2015 (May 04, 2015)
Manufacturing new order growth accelerates: The SA PMI index posted 54.2 in April from 54.3 in March. Operating conditions have now improved in each of the past 17 months.
(April 2015 - pdf 2 MB)
Stability Programme 2015-2018 (Summary presentation)
(April 2015 - pdf 583 KB)
National Reform Programme 2015 Executive Summary
(April 2015 - pdf 251 KB)