The Spanish Economy
Consumer Price Index (CPI). July 2016 (August 12, 2016)
The y/y change of the CPI index stands at -0.6%, two tenths higher than that registered the previous month. Core CPI stands at 0.7%, one tenth higher than that registered in May. The harmonized consumer price index (HICP) stands at -0.7% y/y, two tenths higher than that registered the previous month.
Industrial Production Index (IPI). June 2016 (August 05, 2016)
The m/m change of the Industrial Production Index stood at 0.2% (SA). The y/y change of the IPI stood at 0.8% in SA terms and at -1.0% in the original series.
Long term auction: 4 August 2016 (August 04, 2016 - pdf 147 KB)
Three references were auctioned with a target range of €2 to €3 bn for the nominal references and €0.25 to €0.75 bn for the infation-linked reference. Jul-2021: €1.38bn allotted, 2.36 bid to cover, 0.168% weighted average rate. Jan-2029: €1.13bn allotted, 1.36 bid to cover, 1.249% weighted average rate. Nov-2019 €i: €0.53bn allotted, 2.81 bid to cover, -0.361% weighted average rate. The gross issuance of medium- and long-term bonds stands at €87.9bn (73.1% of the projected figure for the year).
Markit Services PMI. July 2016 (August 03, 2016)
The headline seasonally adjusted Business Activity Index dropped slightly to 54.1 in July from 56.0 in June. The reading signalled a further solid expansion in activity, albeit the weakest since February. Service sector output has now risen in each of the past 33 months.
Labour Market: Registered unemployment. July 2016 (August 02, 2016 - pdf 67 KB)
In the month of July, registered unemployment decreased by 83,993 persons (-2.23%, m/m). In seasonally adjusted terms, registered unemployment decreased by 48,573 persons. Versus a year earlier, the annual fall in registered unemployment is 363,215 (-8.98% y/y).
Labour Market: Social Security covered workers. July 2016 (August 02, 2016 - pdf 59 KB)
In the month of July, Social Security system contributors increased by 84,721 persons (0.48%, m/m). In seasonally adjusted terms, Social Security contributors increased by 41,463 persons. Versus a year earlier, the annual increase in recorded affiliation is 529,804 (3.06% y/y).
Markit Manufacturing PMI. July 2016 (August 01, 2016)
The SA PMI index posted 51.0 in July, down from 52.2 in June and thereby pointing to a weaker improvement in the health of the sector. Output has now risen in each of the past 32 months.
GDP Q2-16 (flash estimate) (July 29, 2016)
GDP registers variation of 0.7% in the Q2-16. The y/y variation is 3.2%.
- Weekly Economic Bulletin (July 29, 2016 - pdf 612 KB)
Gobierno de España: Macroeconomic Scenario (July 29, 2016 - pdf 20 KB)
Spain macroeconomic scenario 2016-2017
Labour market: Economically Active Population Survey (EAPS) Q2-16 (July 28, 2016)
In Q2-16, employment increases by 271,400 persons. In the last 12 months, employment increases by 434,400 persons, the y/y change in employment was +2.43%. The number of unemployed persons decreases by 216,700 in Q2-16. In the last 12 months, unemployment decreases by 574,300 persons, the y/y change in unemployment was -11.15%.
Retail Trade Index (RTI). June 2016 (July 27, 2016)
The monthly change of the RTI stands at 1.7% (SA) vs -0.9% m/m the previous month. The y/y change of the index stands at 5.6% (SA) and at 6.0% (original series).
European Commission: Recommendation for a Council Decision giving notice to Spain to take measures in order to remedy the excessive deficit (July 27, 2016)
Following the Council decision of 12 July 2016 that Spain did not take effective action to correct his excessive deficit, the EC recommends a new fiscal adjustment path. Taking account of the economic and fiscal situation, the EC recommends that Spain puts an end to its excessive deficit by 2018, at the latest. Spain shall reduce the general government deficit to 4.6% of GDP in 2016, to 3.1% of GDP in 2017 and to 2.2% of GDP in 2018. The deadline for taking effective action and reporting on it will be 15 October 2016.
European Commission: Recommendation for a Council Decision imposing a fine on Spain (July 27, 2016)
According to Article 6 of Regulation 1173/2011 as part of the so-called six-pack, the EC is legally required to propose a fine of 0.2% of GDP of the preceding year. However, this amount can be reduced or cancelled following a reasoned request from the Member State concerned. Spain has submitted a reasoned request to cancel the fine, while reaffirming his commitment to comply with the rules of the Stability and Growth Pact. In consideration of this, and in acknowledgment of the reform efforts of Spain in recent years following the financial assistance programme, the EC proposed that the Council cancels the fine.
Short term auction (Letras): 19 July 2016 (July 19, 2016 - pdf 81 KB)
Two references were auctioned with a target range of €2.5 to €3.5bn: 3-month Letras: €0.58bn allotted, 4.51 bid-to-cover, -0.327% weighted average rate. 9-month Letras: €2.47bn allotted, 2.19 bid-to-cover, -0.209% weighted average rate.
Deal Summary: new €6bn, 1.300%, 10-year benchmark (July 19, 2016 - pdf 238 KB)
The Kingdom of Spain priced a new 10-year benchmark. This is the fourth syndicated bond for 2016. The new €6bn SPGB due 31 October 2026 pays a 1.300% coupon and was priced at a spread of 95bps over mid swaps (reoffer yield of 1.314%). More than 420 investors took part to the transaction with an orderbook that reached €28bn at the final spread.
(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)