The Spanish Economy
Long term auction: 18 December 2014 (December 18, 2014 - pdf 132 KB)
Auction results: Jul-19, €904m allotted, 2.03 bid to cover, 0.875% weighted average rate. Oct-23, €587m allotted, 2.23, 1.577%. Oct-24, €1.12bn, 1.84 btc, 1.730%.
Quarterly Labour Cost Survey (QLCS). Q3-2014 (December 17, 2014)
The labour cost of companies decreases 0.4% in the third quarter of 2014, vs the same period of 2013. The wage cost per worker per month decreases 0,1% vs the same period of 2013 and other costs decreases 1.5%.
Short term auction: 16 December 2014 (December 16, 2014 - pdf 127 KB)
3-month Letras: €728m allotted, 3.17 bid-to-cover (btc), 0.200% weighted average rate (war). 9-month Letras: €1.82bn allotted, 2.69 btc, 0.373% war.
Consumer Price Index (CPI). November 2014 (December 12, 2014)
The y/y change of the November CPI index stands -0.4% (-0.1% in October). Core CPI stood unchanged at -0.1% y/y in November. The harmonized consumer price index (HICP) decreased 0.3pp to -0.5% y/y.
EC: Spain–Post Programme Surveillance. Autumn 2014 Report (December 12, 2014)
The report finds that recent economic and financial developments confirm the positive trends of stabilisation observed over the last two years. These trends have been supported by reforms carried out by the Spanish authorities, successful financial sector restructuring and fiscal consolidation, as well as by favourable developments in global financial markets. Yet, it will be important to remain vigilant, as the large imbalances from the pre-crisis period and challenges in the labour market and beyond are still substantial.
- Weekly Economic Bulletin (December 12, 2014)
FATF: Mutual Evaluation Report Spain 2014 (December 05, 2014)
The President of the FATF: “We congratulate Spain on the progress it has made since its 2006 Evaluation. The Spanish government has made great efforts to update its laws and institutions to deal with money laundering and terrorist financing. This FATF evaluation recognises that, overall, their approach is working. But of course, there is always more to do, and the FATF has highlighted a number of priority actions for Spain to take.”
Industrial Production Index (IPI). October 2014 (provisional) (December 05, 2014)
In October, the m/m change of the Industrial Production Index stood at -0.5% (SA). The yearly change of the IPI stood at +1.2% in SA terms and at 0.6% in the original series.
Markit Services PMI. November 2014 (December 03, 2014)
The headline SA Services PMI Index posted 52.7 in November from 55.9 in October, its lowest reading for a year. That said, activity still rose at a solid pace and output in the service sector has now risen on a monthly basis throughout the past 13 months.
Investors Newsletter (December 03, 2014 - pdf 1.3 MB)
This second issue focuses on the GDP data released on the 27th Nov by the National Statistics Institute. Broad-based growth spurred by investment and private consumption are a result of improving unemployment figures. As a consequence tax bases are improving. A three-page section is dedicated to provide some insight on the main figures of Spain’s Autonomous Communities and the two financing instruments that were put in place in 2012, together with the reform of the Public Administrations.
Labour Market: registered unemployment. November 2014 (December 02, 2014)
Registered unemployment decreased by 14,688 in the month of November (-0.32%, m/m). This is the greatest decrease in the month of November in the historical series. In seasonally adjusted terms the unemployment decreased by 51,308. The y/y change in unemployment shows a decrease of 296,792 persons (-6.17%).
Markit Manufacturing PMI. November 2014 (December 01, 2014)
The seasonally adjusted PMI index rose to 54.7 in November from 52.6 in October. This pointed to a marked strengthening of operating conditions in the sector, with the latest improvement the greatest since June 2007.