The Spanish Economy
Long term auction: 4 February 2016 (February 04, 2016 - pdf 95 KB)
Three references were auctioned with a target range of €2.5 to €3.5bn for the nominal references and €0.25bn to €0.75bn for the inflation-linked reference. Apr-2026: €2.19bn allotted, 1.86 bid to cover, 1.694% weighted average rate. Jan-2037: €0.59bn allotted, 2.62 bid to cover, 2.614% weighted average rate. Nov-2019 €i: €0.68bn allotted, 2.86 bid to cover, -0.096% weighted average rate. The gross issuance of medium- and long-term bonds stands at €22.9bn (18.3% of the projected figure for the year).
Markit Services PMI. January 2016 (February 03, 2016)
The headline seasonally adjusted Business Activity Index posted 54.6 in January from 55.1 in December signalling a further sharp rise in activity during the month. Services output has now increased in each of the past 27 months.
Labour Market: Social Security covered workers. January 2016 (February 02, 2016 - pdf 59 KB)
In the month of January, Social Security system contributors decreased by 204,043 persons (-1.18%, m/m). In seasonally adjusted terms, Social Security contributors increased by 24,601 persons. Versus a year earlier, the annual increase in recorded affiliation is 529,045 (3.19% y/y).
Labour Market: Registered unemployment. January 2016 (February 02, 2016 - pdf 67 KB)
In the month of January, registered unemployment increased by 57,247 persons (1.40%, m/m). In seasonally adjusted terms, registered unemployment decreased by 49,552 persons. Versus a year earlier, the annual fall in registered unemployment is 374,936 (-8.28% y/y).
Markit Manufacturing PMI. January 2016 (February 01, 2016)
Sharpest rise in new orders since February 2007. The SA PMI index increased to 55.4 in january from 53.0 at the end of 2015, and signalling a stronger improvement in the business conditions tan in December. Business conditions have now strengthened in each of the past 26 months.
GDP Q4-15 (flash estimate) (January 29, 2016)
GDP registers variation of 0.8% in the 4Q-15. The y/y variation is 3.5%. In the year 2015 as whole, GDP increases by 3.2%.
- Weekly Economic Bulletin (January 29, 2016 - pdf 626 KB)
Retail Trade Index (RTI). December 2015 (January 28, 2016)
The monthly change of the RTI stands at 0.2% (SA) vs -0.6% m/m the previous month. The y/y change of the index stands at 2.2% (SA) and at 3.2% (original series).
Labour market: Economically Active Population Survey (EAPS) Q4-15 (January 28, 2016)
In Q4-15, employment increases by 45,500 persons. In the last 12 months, employment increases by 525,100 persons, the y/y change in employment was +2.99%. The number of unemployed persons decreases by 71,300 in Q4-15. In the last 12 months, unemployment decreases by 678,200 persons, the y/y change in unemployment was -12.43%.
Short term auction (Letras): 26 january 2016 (January 26, 2016 - pdf 81 KB)
3-month Letras: €0.35b allotted, 8.58 bid-to-cover, -0.268% weighted average rate. 9-month Letras: €2.2bn allotted, 2.00 bid-to-cover, -0.085% weighted average rate.
International Trade Report - November 2015 (January 21, 2016 - pdf 1.2 MB)
In November exports increased by 8.6% y/y in nominal terms to €21.7bn (+6.7% y/y SA), whereas imports increased by 9.3% to €23.5bn (+7.2% y/y SA). In real terms, exports grew by 8.5% y/y and imports rose by 12.6% y/y. Spain’s trade balance registered a deficit of €1.8bn, up from a €1.6bn deficit in November 2014 (provisional data).The export/import coverage ratio reached 92.1% (92.8% in November 2014 with provisional data).
IMF: World Economic Outlook UPDATE - january 2016 (January 19, 2016)
The IMF GDP growth forecast for Spain: 2.7% for 2016 (2.5% in October) and 2.3% for 2017 (2.2% in October).
Consumer Price Index (CPI). December 2015 (January 15, 2016)
The y/y change of the CPI index stands at 0.0%, three tenths over the registered in the previous month. Core CPI decreases one tenth to 0.9%. The harmonized consumer price index (HICP) stands at -0.1% y/y, thus it increases three tenths as compared with November.
Deal Summary: new €9bn, 1.95%, 10-year benchmark (January 12, 2016 - pdf 146 KB)
The Kingdom of Spain priced a new 10-year benchmark. This is the first syndicated bond for 2016. The new €9bn SPGB due 30 April 2026 pays a 1.95% coupon and was priced at a spread of 105bps over mid swaps (reoffer yield of 1.986%). More than 370 investors took part to the transaction with an orderbook that reached €29bn at the final spread.
Industrial Production Index (IPI). November 2015 (January 11, 2016)
In November, the m/m change of the Industrial Production Index stood at 0.0% (SA). The y/y change of the IPI stood at 4.2% in SA terms and at 5.7% in the original series.
(January 2016 - pdf 1.9 MB)
Stability Programme 2015-2018 (Summary presentation)
(April 2015 - pdf 583 KB)
National Reform Programme 2015 Executive Summary
(April 2015 - pdf 251 KB)