The Spanish Economy
- Weekly Economic Bulletin (September 19, 2014)
Long term auction: 18 September 2014 (September 18, 2014 - pdf 130 KB)
Auction result: Oct-17 Bono, €3.57bn issued, 1.90 bid to cover, 0.565% weighted average rate. With this auction, the Treasury completes 84% of the regular funding programme for the year.
International Trade Report - July 2014 (September 17, 2014 - pdf 1 MB)
In July 2014, Spain’s nominal exports increased by 8.7% y/y to €21.6bn and nominal imports grew by 13.4% to €23.4bn. In real terms, exports rose by 10.6% and imports increased by 14.9%.
Quarterly Labour Cost Survey (QLCS). Q2-2014 (September 16, 2014)
The labour cost of companies decreases 0.1% in the second quarter of 2014, vs the same period of 2013. The wage cost per worker per month remains the same level than the second quarter of 2013 and other costs decreases 0.5%.
Short term auction: 16 September 2014 (September 16, 2014 - pdf 129 KB)
6-month Letras: €1.2bn allotted, 2.45 bid-to-cover, 0.111% weighted average rate. 12-month Letras: €3.8bn allotted, 1.75 btc, 0.219% war.
Consumer Price Index (CPI). August 2014 (September 12, 2014)
The y/y change of the August CPI index was -0.5% vs. -0.3% in July. Core CPI remains at 0.0% y/y. In July the harmonized consumer price index (HICP) decreased 0.1pp to -0.5% y/y.
OECD Economic Survey of Spain 2014 Overview (September 08, 2014)
Spain is emerging from a protracted recession, marked by a return to moderate growth and rising international competitiveness. Decisive banking and fiscal reforms, coupled with supportive monetary policy from the European Central Bank, have reduced financial tensions and improved public finance. But to ensure that the recovery is sustained and unemployment returns to much lower levels, full implementation of on-going structural reforms and further measures to improve productivity and competitiveness are now needed, according to the latest OECD Economic Survey of Spain.
Markit Services PMI. August 2014 (September 03, 2014)
Fastest rise in activity since December 2006. The headline SA Services PMI Index rose to 58.1 in August from 56.2 in July, signalling the sharpest rate of activity growth since December 2006. Activity has now risen in each of the past ten months.
Labour Market: registered unemployment. August 2014 (September 02, 2014)
Registered unemployment increased by 8,070 in the month of August (0.18%, m/m). In seasonally adjusted terms the unemployment decreased by 11,091. The y/y change in unemployment shows a decrease of 270,853 persons (-5.76%).
Markit Manufacturing PMI. August 2014 (September 01, 2014)
Fastest rise in new orders since April 2007. The seasonally adjusted PMI index posted 52.8 in August from 53.9 in the previous month.
Quarterly National Accounts Q2-14 (August 28, 2014)
In Q2-14, the Spanish economy grew by 0.6% q/q; 0.2pp more than in Q4-13. The y/y growth rate was +1.2% (vs. +0.5% in the previous quarter).