The Spanish Economy
Labour market: Economically Active Population Survey (EAPS) Q3-14 (October 23, 2014)
In Q3-14, employment increases by 151,000 persons. In the last 12 months, employment increases by 274,000 persons, the y/y change in employment was +1.59%, the second consecutive quarter of increase since Q2-08. The number of unemployed persons decreases by 195,200 in Q3-14.
Investors Presentation (October 23, 2014 - pdf 3.3 MB)
The Kingdom of Spain’s Economic Policy Strategy and Funding Programme
Spanish Economy Report (September 2014) (October 21, 2014)
The Spanish Economy: recent developments and prospects,
Short term auction: 21 October 2014 (October 21, 2014 - pdf 129 KB)
3-month Letras: €1.05bn allotted, 3.30 bid-to-cover, 0.130% weighted average rate. 9-month Letras: €3.00bn allotted, 2.08 btc, 0.359% weighted average rate.
- Weekly Economic Bulletin (October 17, 2014)
Long term auction: 16 October 2014 (October 16, 2014 - pdf 130 KB)
Auction results: Oct-24, €2.15bn alloted, 1.64 bid to cover, 2.196% weighted average rate. Oct-28, €1.05bn alloted, 1.33 btc, 2.842% weighter avg rate. With this auction, the Treasury has completed 93.8% of the regular funding programme for the year.
Consumer Price Index (CPI). September 2014 (October 14, 2014)
The y/y change of the September CPI index was -0.2% (up from -0.5% in August). Core CPI decreased in September by 0.1pp to -0.1% y/y. The harmonized consumer price index (HICP) increased 0.2pp to -0.3% y/y.
Budget execution (August 2014) (October 09, 2014 - pdf 502 KB)
Up to August 2014, the State reduced its deficit up to 3.26% of GDP, 12.4% less than in August 2013. Excluding interest payments, the primary deficit decreased by 28.3%, amounting to 1.4% of GDP. Up to July 2014, the consolidated deficit of the General Government excluding Local Governments amounted to 3.87% of GDP, against 4.14% registered the same period of 2013.
Industrial Production Index (IPI). August 2014 (provisional) (October 08, 2014)
In August, the m/m change of the Industrial Production Index stood at 0.2% (SA). The yearly change of the IPI stood at +0.6% in SA terms and at -1.8% in the original series.
IMF: World Economic Outlook - October 2014 (October 07, 2014)
The IMF further improves its GDP growth forecast for Spain to 1.3% for 2014 (up from 0.9% in April and 1.2% in July) and to 1.7% for 2015 (up from 1.0% in April and 1.6% in July).
Deal summary: €5bn, 5-year, Euro Area inflation-linked benchmark (October 07, 2014 - pdf 251 KB)
The Kingdom of Spain priced its second bond linked to Euro Area Harmonised Index Consumer Price HICP (ex Tobacco). Due 30 November 2019, the EUR 5bn 5-year benchmark was priced at a spread of 69bps through the 4.3% SPGB due October 2019 to give a real yield of 0.248%. Demand for the deal was close EUR12 billion with international investors representing 74% of the orderbook.
Council of Ministers: Draft Law on Promoting Business Finance (October 03, 2014 - pdf 10 KB)
The CoM approved, for submission to Parliament, the Draft Law on Promoting Business Finance, which aims to improve the financing conditions given to SMEs by banks and encouraging alternative ways to access credit.