The Spanish Economy
Labour market: Economically Active Population Survey (EAPS) Q2-14 (July 24, 2014)
In Q2-14, employment increases by 402,400 persons. In the last 12 months, employment increases by 192,400 persons , the y/y change in employment was +1.12%; the first positive rate since Q2-08. The number of unemployed persons decreases by 310,400 in Q2-14.
Short term auction: 22 July 2014 (July 22, 2014 - pdf 46 KB)
3-month Letras: €640m allotted, 4.48 bid-to-cover, 0.127% weighted average rate. 9-month Letras: €1.87bn allotted, 3.21 btc, 0.205%.
- Weekly Economic Bulletin (July 18, 2014)
Long term auction: 17 July 2014 (July 17, 2014 - pdf 135 KB)
Apr-17: €1.06bn, 3.95 BTC, 0.692%. Jan-22: €1.08bn, 2.32 BTC, 2.091%. Jul-32: 2.00 BTC, €1.02bn, 3.503%. After today's auction the Treasury has completed over 74% of its regular funding programme for the year.
Consumer Price Index (CPI). June 2014 (July 11, 2014)
The y/y change of the June CPI index was +0.1% vs. +0.2% in May. Core CPI remains at 0.0% y/y. In June the harmonized consumer price index (HICP) decreased 0.2pp to +0.0% y/y.
Inflation-linked auction (July 10, 2014 - pdf 130 KB)
First auction of Spain's 10-year European inflation-linked benchmark bond: amount allotted €1bn, 3.7 bid to cover ratio, 1.459% weighted average rate. The Spanish Treasury has already completed 71.7% of the medium- and long-term funding programme for the year.
Council of the EU: Spain Country-specific Recommendations 2014 (July 08, 2014)
The Council issued on 8 July recommendations and opinions on economic, employment and fiscal policies planned by the member states. The Council thereby concluded the current European Semester after the recommendation of the European Commission on 2 June and the conclusions of the European Council on 27 June.
Markit Services PMI. June 2014 (July 03, 2014)
The headline SA Services PMI Index posted 54.8 in June, down from 55.7 in May, signalling the weakest rise in activity in three months. That said, growth remained solid and activity has now increased in each of the past eight months.
Markit Manufacturing PMI. June 2014 (July 01, 2014)
Manufacturing PMI hits seven-year high. The seasonally adjusted PMI index rose to 54.6 in June from 52.9 in the previous month. Business conditions have now strengthened for seven successive months, with the latest improvement the greatest since before the economic crisis began in mid-2007.
Reform of the Tax System, June 2014 (June 23, 2014 - pdf 4.8 MB)
The government presented the reform of the tax system which provides for a reduction in the tax brackets and rates of the Personal Income Tax for all taxpayers and a reduction in the maximum Corporate Tax rate to 25% by 2016. The reform will result in a GDP increase of 0.55% in the period 2015-2016.
Banco de España: Annual Report 2013 - Overview (June 16, 2014)
The Annual Report of the BoE reviews the performance of the Spanish economy from a global perspective. It describes, as a backdrop to the domestic situation, the performance of the international economy and analyses developments in the Spanish economy, with special emphasis on monetary and fiscal policy and economic and financial flows.
- Banco de España: Background note on public financial assistance in the restructuring of the Spanish banking system (2009-2013) (June 12, 2014)
- Press release: €9bn, 2.75%, 10-year benchmark (due oct 2024) (June 12, 2014 - pdf 82 KB)