The Spanish Economy
Short term auction (Letras): 24 November 2015 (November 24, 2015 - pdf 84 KB)
3-month Letras: €395m allotted, 5.68 bid-to-cover, -0.229% weighted average rate. 9-month Letras: €1.95bn allotted, 2.83 bid-to-cover, -0.073% weighted average rate.
- Weekly Economic Bulletin (November 20, 2015)
Long term auction: 19 November 2015 (November 19, 2015 - pdf 93 KB)
Three references were auctioned with a target range of €3 to €4bn. Apr-2018: €1.27bn allotted, 3.29 bid to cover, 0.124% weighted average rate. Jul-2020: €950m allotted, 3.63 bid to cover, 0.566% weighted average rate. Jan-2023: €1.28bn allotted, 2.37 bid to cover, 1.184% weighted average rate. The gross issuance of medium- and long-term bonds stands at €133bn (95.7% of the projected figure for the year).
Consumer Price Index (CPI). October 2015 (November 13, 2015)
The y/y change of the CPI index stands at -0.7%, two tenths over the registered in the previous month. Core CPI increases one tenth up to 0.9%. The harmonized consumer price index (HICP) stands at -0.9% y/y, thus it increases two tenths as compared with September.
Investors Newsletter (November 12, 2015 - pdf 422 KB)
This newsletter provides a summary of the funding programme of the Spanish Treasury, and also sheds light on recent developments in the labour market and on the deleveraging of the private sector.
OECD: Economic Outlook November 2015 Spain (November 09, 2015)
The OECD improves its GDP growth forecast for Spain to 3.2% for 2015 (up from 2.9% in June). Forecats 2.7% for 2016 (down from 2.8%) and 2.5 for 2017. A robust economic recovery in Spain is projected to continue into 2016 and 2017, though at a gradually slowing pace as the positive impact of the depreciation of the euro, and lower oil and other commodity prices, dissipate. Low borrowing rates for businesses and households will also continue to provide support together with the fiscal stance, which is expected to be mildly expansionary over the next two years. These factors, together with the implementation of significant structural reforms, are increasing business confidence.
Industrial Production Index (IPI). September 2015 (November 06, 2015)
In September, the m/m change of the Industrial Production Index stood at 1.2% (SA). The y/y change of the IPI stood at 3.8% in SA terms and at 4.0% in the original series.
Council of Ministers: Progress on Banking Union (November 06, 2015 - pdf 64 KB)
The CoM approved a Royal Decree implementing the Law on the Recovery and Resolution of Credit Institutions and Investment Service Companies
European Commission: European economic forecast - Autumn 2015 Spain (November 05, 2015)
Growth to ease but job creation remains robust: After a strong start of the year, economic growth is set to ease but remain robust, underpinned by sustained job creation, improved financing conditions, high confidence and low oil prices. Net exports are expected to become broadly neutral for growth. The general government deficit is expected to narrow as a result of the economic recovery. Accordingly, GDP is now forecast to expand by 3.1% in 2015 (up from 2.8% in May and 2.3% in February), 2.7% in 2016 (up from 2.6% in May and 2.5% in February) and 2.4% in 2017, mainly driven by domestic demand.
Markit Services PMI. October 2015 (November 04, 2015)
The headline seasonally adjusted Business Activity Index posted 55.9 in October, up from 55.1 in September, signalling a marked expansion in output during the month. Activity has now increased on a monthly basis throughout the past two years.
Labour Market: Registered unemployment. October 2015 (November 03, 2015 - pdf 66 KB)
In the month of October, registered unemployment increased by 82,327 persons (2.01%, m/m). In seasonally adjusted terms, registered unemployment decreased by 6,727 persons. Versus a year earlier, the annual fall in registered unemployment is 350,435 (-7.74% y/y).
Labour Market: Social Security covered workers. October 2015 (November 03, 2015 - pdf 58 KB)
In the month of October, Social Security system contributors increased by 31,652 persons (0.18%, m/m). In seasonally adjusted terms, Social Security contributors increased by 35,230 persons. Versus a year earlier, the annual increase in recorded affiliation is 530,947 (3.18% y/y).
Markit Manufacturing PMI. October 2015 (November 02, 2015)
The SA PMI index posted 51.3 in October, down from 51.7 in September. Although continuing (the twenty-third successive month) to indicate a strengthening of the health of the sector, the latest reading signalled the weakest improvement since December 2013.
GDP Q3-15 (flash estimate) (October 30, 2015)
GDP registers variation of 0.8% in the 3Q-15. The y/y variation is 3.4%.
(November 2015 - pdf 965 KB)
Stability Programme 2015-2018 (Summary presentation)
(April 2015 - pdf 583 KB)
National Reform Programme 2015 Executive Summary
(April 2015 - pdf 251 KB)