The Spanish Economy
Reasoned Request to EC in response to Council Decision of 12 July 2016 (July 13, 2016)
Having regard to the decision of the Council of 12 of July 2016, establishing that no effective action has been taken by Spain in response to the Council recommendation of 21 June 2013, Hereby, and by means of this document, addresses a reasoned request to the European Commission that the fine referred to in Article 6 of Regulation (EU) No 1173/2011 is cancelled.
Consumer Price Index (CPI). June 2016 (July 13, 2016)
The y/y change of the CPI index stands at -0.8%, two tenths higher than that registered the previous month. Core CPI stands at 0.6%, one tenth lower than that registered in May. The harmonized consumer price index (HICP) stands at -0.9% y/y, two tenths higher than that registered the previous month.
Council EU: EDP, Council Decision on no effective action by Spain (July 12, 2016)
The Council concluded that Spain 's response to its June 2013 recommendation has been insufficient. Spain didn't reach the intermediate target set for its headline deficit in 2015 and is not forecast to correct its deficit by 2016 as required. Its fiscal effort falls significantly short of what was recommended by the Council, and it even relaxed its fiscal stance in 2015.
Short term auction (Letras): 12 July 2016 (July 12, 2016 - pdf 81 KB)
Two references were auctioned with a target range of €4.5 to €5.5bn: 6-month Letras: €0.49bn allotted, 5.83 bid-to-cover, -0.246% weighted average rate. 12-month Letras: €4.43bn allotted, 1.58 bid-to-cover, -0.187% weighted average rate.
- Weekly Economic Bulletin (July 08, 2016 - pdf 612 KB)
OECD Employment Outlook 2016 - Spain (July 07, 2016)
Labour market conditions continue to improve and the OECD average employment rate is projected to return to its pre-crisis level in 2017, nearly ten years after the global financial crisis erupted.
Long term auction: 7 July 2016 (July 07, 2016 - pdf 98 KB)
Four references were auctioned with a target range of €4 to €5bn for the nominal references and €0.25 to €0.75bn for the inflation-linked reference. Jul-2021: €1.89bn allotted, 2.27 bid to cover, 0.242% weighted average rate. Jul-2025: €1.41bn allotted, 1.85 bid to cover, 1.061% weighted average rate. Jul-2030: €1.74bn allotted, 1.41 bid to cover, 1.521% weighted average rate. Nov-2024 €i: €0.42bn allotted, 2.7 bid to cover, 0.413% weighted average rate. The gross issuance of medium- and long-term bonds stands at €74.0bn (61.5% of the projected figure for the year).
Industrial Production Index (IPI). May 2016 (July 06, 2016)
The m/m change of the Industrial Production Index stood at -0.5% (SA). The y/y change of the IPI stood at 1.0% in SA terms and at -4.0% in the original series.
Markit Services PMI. June 2016 (July 05, 2016)
The headline seasonally adjusted Business Activity Index rose to 56.0 in June from 55.4 in the previous month, signalling a sharp monthly expansion of business activity, and the fastest since last November. Growth of activity has now been recorded in each of the past 32 months.
Labour Market: Social Security covered workers. June 2016 (July 04, 2016 - pdf 59 KB)
In the month of June, Social Security system contributors increased by 98,432 persons (0.56%, m/m). In seasonally adjusted terms, Social Security contributors increased by 75,509 persons. Versus a year earlier, the annual increase in recorded affiliation is 503,876 (2.92% y/y).
Labour Market: Registered unemployment. June 2016 (July 04, 2016 - pdf 67 KB)
In the month of June, registered unemployment decreased by 124,3498 persons (-3.20%, m/m). In seasonally adjusted terms, registered unemployment decreased by 48,579 persons. Versus a year earlier, the annual fall in registered unemployment is 353,250 (-8.57% y/y).
Markit Manufacturing PMI. June 2016 (July 01, 2016)
The SA PMI index posted 52.2 in June, up from 51.8 in May. May. This signalled a modest strengthening of operating conditions, and one that was slightly more marked than one month previously. The health of the sector has improved continuously since December 2013.
Retail Trade Index (RTI). May 2016 (June 28, 2016)
The monthly change of the RTI stands at -0.9% (SA) vs 0.6% m/m the previous month. The y/y change of the index stands at 2.3% (SA) and at 2.8% (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)