The Spanish Economy
- Weekly Economic Bulletin (April 17, 2015)
Long term auction: 16 April 2015 (April 16, 2015 - pdf 92 KB)
After this auction, gross debt issued YTD by the Spanish Treasury reaches €87.3bn and gross issuance of medium- and long-term bonds stands at €58.5bn (41.2% of the projected figure of for the year 2015). Jan-2020: €1.9bn allotted, 1.97 bid to cover, 0.535% weighted average rate. Apr-2025: €1.4bn allotted, 2.28 bid to cover, 1.282% weighted average rate. Jan-2029: €1.2bn allotted, 1.90 bid to cover, 1.652% weighted average rate.
General Government Deficit 2014 (April 15, 2015 - pdf 397 KB)
The consolidated 2014 General Government balance outturn was a deficit of 5.69% of GDP, below the Excesive Deficit Procedure target of 5.8%.
IMF: World Economic Outlook - April 2015 (April 14, 2015)
The IMF improves its GDP growth forecast for Spain: 2.5% for 2015 (up from 2.0% in January and 1.7% in October) and to 2.0% for 2016 (up from 1.8% in January).
Consumer Price Index (CPI). March 2015 (April 14, 2015)
The y/y change of the March CPI index stands at -0.7% (-1.1% in February). Core CPI Remains at 0.2% y/y. The harmonized consumer price index (HICP) stands at -0.8% (-1.2% in February) y/y.
Industrial Production Index (IPI). February 2015 (April 13, 2015)
In February, the m/m change of the Industrial Production Index stood at 0.7% (SA). The y/y change of the IPI stood at 0.6% in SA terms and at 1.1% in the original series.
Markit Services PMI. March 2015 (April 07, 2015)
The headline s.a. Business Activity Index rose to 57.3 in March from 56.2 in the previous month to signal a sharp increase in service sector output, and one that was the strongest since last August. Activity has now increased in each of the past 17 months. Key points: 1) Faster increases in activity and new business 2) Employment rises at steepest pace since Nov 2007 3) First increase in input prices in three months
Short term auction (Letras): 7 April 2015 (April 07, 2015 - pdf 85 KB)
6-month Letras: €725m allotted, 4.99 bid-to-cover, -0.002% weighted average rate. 12-month Letras: €3.92bn allotted, 1.93 bid-to-cover, 0.006% weighted average rate.
Labour Market: registered unemployment. March 2015 (April 06, 2015)
In the month of March, registered unemployment decreased by 60,214 persons (-1.33%, m/m). In seasonally adjusted terms, registered unemployment decreased by 63,368 persons. Versus a year earlier, the annual fall in registered unemployment is 343,927 (-7.17% y/y).
Markit Manufacturing PMI. March 2015 (April 01, 2015)
Strongest rise in employment since June 2007: The Spanish manufacturing sector maintained growth momentum at the end of the first quarter of the year as business conditions improved solidly during March. The SA PMI index posted 54.3 in March from 54.2 in February. The health of the sector has now strengthened in each of the past 16 months.
Retail Trade Index (RTI). February 2015 (March 31, 2015)
The monthly change of the RTI stands at -0.7% (SA) vs -0.5% m/m the previous month. The y/y change of the index stands at 2.7% (SA) and at 2.6% (original series).
Banco de España: Spanish economic projections report (March 26, 2015)
This report updates the economic projections released in December. According to Banco de España, the performance of the Spanish economy will continue to improve, with estimated GDP growth of 2.8% and 2.7% in 2015 and 2016, respectively. Expected GDP growth in 2015 entails a 0.8 pp upward revision of the projection published last December
Inflation-Linked auction (Bono del Estado Nov 2030) (March 24, 2015 - pdf 379 KB)
This represents the Kingdom’s third syndicated transaction of 2015 following the launch of new nominal 10-year and 15-year Obligaciones earlier in the year. Due 30 November 2030, the EUR 3.5 billion 15-year benchmark issue carries a 1% annual coupon and was priced at a spread of 138bps through the 1.95% SPGB due July 2030 to give a real yield of 0.354% and a re-offer price of 109.827%