The Spanish Economy
- Weekly Economic Bulletin (March 24, 2017 - pdf 1.2 MB)
- Fiscal Policy Strategy (March 17, 2017)
Quarterly Labour Cost Survey (QLCS). Q4-2016 (March 16, 2017)
The labour cost of companies decreases 0.8% in the Q4-2016 vs the same period of 2015. The wage cost per worker per month decreases by 0.8% and other costs decreases 0.9%.
Long term auction: 16 March 2017 (March 16, 2017 - pdf 96 KB)
Four references were auctioned with a target range of €4 to €5 bn. Apr-2022: €1.67bn allotted, 1.45 bid to cover, 0.548% weighted average rate. Oct-2026: €1.39bn allotted, 1.56 bid to cover, 1.682% weighted average rate. Oct-2028: €1.08bn allotted, 1.33 bid to cover, 1.935% weighted average rate. Oct-2046: €0,67bn allotted, 1.56 bid to cover, 3.044% weighted average rate. The gross issuance of medium- and long-term bonds of the regular funding programme stands at €42.0 bn (34.2% of the projected figure for 2017)
Consumer Price Index (CPI). February 2017 (March 14, 2017)
The y/y change of the CPI index stands at 3.0%, the same figure than that registered the previous month. Core CPI decreases one tenth to 1.0%. The harmonized consumer price index (HICP) increases one tenth to 3.0%.
OECD Economic Survey of Spain 2017 Overview (March 14, 2017)
The Spanish economy is enjoying a robust recovery from a deep recession, with structural reforms contributing to high growth rates and a gradual decline in unemployment. However, further measures to promote innovative business investment and improve skills are needed to both boost productivity and ensure that the benefits of growth reach all Spaniards, according to a new report from the OECD.
Short term auction (Letras): 14 March 2017 (March 14, 2017 - pdf 84 KB)
Two references were auctioned with a target range of €2.5 to €3.5 bn: 3-month Letras: €1.43bn allotted, 2.14 bid-to-cover, -0.416% weighted average rate. 9-month Letras: €1.88bn allotted, 2.7 bid-to-cover, -0.331% weighted average rate.
Retail Trade Index (RTI). January 2017 (March 10, 2017)
The monthly change of the RTI stands at -1.1% (SA) vs 0.1% m/m the previous month. The y/y change of the index stands at 0.1% (SA) and at -0.1% (original series).
Industrial Production Index (IPI). January 2017 (March 08, 2017)
The m/m change of the Industrial Production Index stood at 0.3% (SA). The y/y change of the IPI stood at 2.5% in SA terms and at 7.1% in the original series.
Markit Services PMI. February 2017 (March 03, 2017)
The headline seasonally adjusted Business Activity Index rose markedly to 57.7 in February from 54.2 in January, thereby signalling a much faster rate of growth in services activity than was seen at the start of the year. Moreover, the rate of expansion was the strongest since August 2015. Services output has now risen in each of the past 40 months.
Quarterly National Accounts Q4-16 (March 02, 2017)
In Q4-16, the Spanish economy registered a quarterly growth of 0.7%. This rate matches the one estimated for the third quarter of the year. Year-on-year growth stands at 3.0%, compared with 3.2% registered in the previous quarter. In the year 2016 as whole, GDP increases by 3.2%.
Spanish external sector and competitiveness: facts and figures (March 02, 2017 - pdf 555 KB)
In 2016, exports increased by 1.7% compared to 2015 to €254.5bn, whereas imports dropped by 0.4% y/y to €273.3bn. In real terms, exports advanced by 3.5% y/y and imports grew by 2.8% y/y. Spain’s trade deficit decreased to €18.8bn compared to 2015 (deficit of €24.2bn). The export/import coverage ratio reached 93.1%, 1.9 pp higher than in 2015 (91.2%). The attached updated document provides additional key facts and figures of Spain's external sector.
Markit Manufacturing PMI. February 2017 (March 01, 2017)
The SA PMI index registered at 54.8 in February, down from 55.6 in January but still signalling a solid monthly improvement in the health of the manufacturing sector. Business conditions have now improved in each of the past 39 months.
(March 2017 - pdf 977 KB)
Stability Programme 2016-2019 (Summary presentation) ES
(April 2016 - pdf 234 KB)
National Reform Programme 2016 Executive Summary
(April 2016 - pdf 190 KB)