The Spanish Economy
Short term auction (Letras): 21 February 2017 (February 21, 2017 - pdf 85 KB)
Two references were auctioned with a target range of €2 to €3 bn: 3-month Letras: €0.61bn allotted, 3.56 bid-to-cover, -0.415% weighted average rate. 9-month Letras: €1.63bn allotted, 3.12 bid-to-cover, -0.332% weighted average rate.
- Weekly Economic Bulletin (February 17, 2017 - pdf 1.2 MB)
Long term auction: 16 February 2017 (February 16, 2017 - pdf 93 KB)
Three references were auctioned with a target range of €4 to €5 bn. Apr-2022: €2.05bn allotted, 1.53 bid to cover, 0.532% weighted average rate. Apr-2027: €1.02bn allotted, 2.95 bid to cover, 1.733% weighted average rate. Oct-2028: €1.48bn allotted, 1.67 bid to cover, 1.894% weighted average rate. The gross issuance of medium- and long-term bonds of the regular funding programme stands at €26.9 bn (21.9% of the projected figure for 2017)
Consumer Price Index (CPI). January 2017 (February 15, 2017)
The y/y change of the CPI index stands at 3.0%, one point and a half more than the registered the previous month. Core CPI increases one tenth to 1.1%. The harmonized consumer price index (HICP) increases one point and a half to 2.9%.
European Commission: European economic forecast - Winter 2017 Spain (February 13, 2017 - pdf 246 KB)
Economic growth exceeded expectations in recent quarters. As favourable tailwinds gradually subside, the pace of growth is set to ease but remain robust throughout the forecast horizon. Unemployment is set to continue to fall steadily, and inflation is picking up as oil prices increase and core inflation recovers. Thanks to both new revenue measures and a positive macroeconomic outlook, the general government deficit is expected to continue declining over the forecast horizon. Public debt is set to stabilise at about 100% of GDP. Accordingly, Spain’s economy is forecast to grow by 2.3% (2.3% in November) in 2017 and 2.1% (2.1% in November) in 2018.
Industrial Production Index (IPI). December 2016 (February 08, 2017)
The m/m change of the Industrial Production Index stood at -0.5% (SA). The y/y change of the IPI stood at 1.9% in SA terms and at -1.6% in the original series. In the year 2016 as whole, Industrial Production increased by 1.9% in the adjusted series and 1.6% in the original series
Markit Services PMI. January 2017 (February 03, 2017)
The headline seasonally adjusted Business Activity Index posted at 54.2 in January, down from 55.0 in December but still signalling a solid monthly increase in activity. Services output has now risen in each of the past 39 months.
Council of Ministers: Regulation on the Law on De-indexing (February 03, 2017 - pdf 90 KB)
The government approved the Regulation on the Law on De-indexing, which seeks to avoid general price rises from automatically passing on to certain public sector goods and services, such as bus tickets and medication.
- Fiscal Policy Strategy (February 02, 2017)
Markit Manufacturing PMI. January 2017 (February 01, 2017)
The SA PMI index rose to 55.6 in January, up from 55.3 in December, signalling a further marked improvement in the health of the sector, and one that was the strongest since May 2015. Business conditions have now strengthened in each of the past 38 months.
Budget Execution (November 2016) (January 31, 2017)
Up to November, the consolidated budget outturn of the General Government, excluding Local Administrations, was a deficit of 3.33% (Central Government, 2.20%; Regional Governments, 0.49%; Social Security System, 0.65%) against 3.79% recorded in November 2015.
GDP Q4-16 (flash estimate) (January 30, 2017)
GDP registers variation of 0.7% in the Q4-16. The y/y variation is 3.0%. As a result of the aggregation of the estimation corresponding to the four quarters, the GDP volume growth for the whole year 2016 is estimated at 3.2%.
(February 2017 - pdf 1.1 MB)
Stability Programme 2016-2019 (Summary presentation) ES
(April 2016 - pdf 234 KB)
National Reform Programme 2016 Executive Summary
(April 2016 - pdf 190 KB)