The Spanish Economy
Markit Services PMI. April 2016 (May 04, 2016)
The headline SA Business Activity Index posted 55.1 in April, down only fractionally from 55.3 in March and continuing to signal a marked rise in services output. Activity has now increased on a monthly basis throughout the past two-and-a-half years.
European Commission: European economic forecast - Spring 2016 Spain (May 03, 2016)
Economic growth is set to continue easing but to remain robust, underpinned by sustained job creation and declining unemployment, improved financing conditions and low oil prices. Inflation is expected to remain negative in the short term due to falling energy prices. The general government deficit is expected to narrow, mainly thanks to the economic recovery. Accordingly, Spain’s economy is forecast to grow by 2.6% (2.8% in February) and 2.5% (2.5% in february) in 2016 and 2017, respectively.
Markit Manufacturing PMI. April 2016 (May 02, 2016)
The SA PMI index posted 53.5 in April, up from 53.4 in March and signalling a further solid improvement in the health of the sector. Business conditions have now improved in each of the past 29 months.
GDP Q1-16 (flash estimate) (April 29, 2016)
GDP registers variation of 0.8% in the 1Q-16. The y/y variation is 3.4%.
Stability Programme 2016-2019 (Summary presentation) ES (April 29, 2016)
Brief presentation summarizing Spain's new macroeconomic scenario and the new budgetary stability targets for the period 2016 to 2019.
Gobierno de España: Macroeconomic Scenario (April 29, 2016 - pdf 24 KB)
Spain macroeconomic scenario 2016-2019
- National Reform Programme 2016 Executive Summary (April 29, 2016 - pdf 190 KB)
- Weekly Economic Bulletin (April 29, 2016 - pdf 618 KB)
Labour market: Economically Active Population Survey (EAPS) Q1-16 (April 28, 2016)
In Q1-16, employment decreases by 64,600 persons. In the last 12 months, employment increases by 574,800 persons, the y/y change in employment was +3.29%. The number of unemployed persons increases by 11,900 in Q1-16. In the last 12 months, unemployment decreases by 653,200 persons, the y/y change in unemployment was -12.00%.
Retail Trade Index (RTI). March 2016 (April 27, 2016)
The monthly change of the RTI stands at 0.5% (SA) vs 0.0% m/m the previous month. The y/y change of the index stands at 4.4% (SA) and at 4.3% (original series).
Long term auction: 21 April 2016 (April 21, 2016 - pdf 92 KB)
Three references were auctioned with a target range of €2 to €3bn. Jul-2026: €1.31bn allotted, 1.54 bid to cover, 1.608% weighted average rate. Jul-2026: €0.66bn allotted, 1.65 bid to cover, 2.116% weighted average rate. Jul-2041: €0.57bn allotted, 1.64 bid to cover, 2.654% weighted average rate. The gross issuance of medium- and long-term bonds stands at €46.7bn (38.8% of the projected figure for the year).
International Trade Report - February 2016 (April 21, 2016 - pdf 1.3 MB)
In February exports increased by 2.7% y/y in nominal terms to €20.4bn (+1.3% y/y SA), whereas imports increased by 1.2% to €22.2bn (-0.4% y/y SA). In real terms, exports grew by 4.9% y/y and imports rose by 4.6% y/y. Spain’s trade balance registered a deficit of €1.76bn, down from a €2.04bn deficit in February 2015 (provisional data).The export/import coverage ratio reached 92.1% (90.7% in February 2015 with provisional data).
Consumer Price Index (CPI). March 2016 (April 13, 2016)
The y/y change of the CPI index stands at -0.8%, the same figure than that registered the previous month. Core CPI increases one tenth up to 1.1%. The harmonized consumer price index (HICP) stands at -1.0% y/y, the same figure than that registered in February.
Short term auction (Letras): 12 April 2016 (April 12, 2016 - pdf 84 KB)
Two references were auctioned with a target range of €2 to €3bn: 3-month Letras: €0.36bn allotted, 5.75 bid-to-cover, -0.274% weighted average rate. 9-month Letras: €2.70bn allotted, 2.14 bid-to-cover, -0.092% weighted average rate.
Industrial Production Index (IPI). February 2016 (April 07, 2016)
In February, the m/m change of the Industrial Production Index stood at -0.2% (SA). The y/y change of the IPI stood at 2.2% in SA terms and at 5.9% in the original series.
(May 2016 - pdf 994 KB)
Stability Programme 2016-2019 (Summary presentation) ES
(April 2016 - pdf 234 KB)
National Reform Programme 2016 Executive Summary
(April 2016 - pdf 190 KB)