The Spanish Economy
- Weekly Economic Bulletin (January 23, 2015)
Labour market: Economically Active Population Survey (EAPS) Q4-14 (January 22, 2015)
In Q4-14, employment increases by 65,100 persons. In the last 12 months, employment increases by 433,900 persons, the y/y change in employment was +2.53%. The number of unemployed persons increases by 30,100 in Q4-14. In the last 12 months, unemployment decreases by 477,900 persons, the y/y change in unemployment was -8.05%.
Spanish Economy Report (December 2014) (January 21, 2015)
The Spanish Economy: recent developments and prospects,
IMF: World Economic Outlook Update-January 2015 (January 20, 2015)
The IMF improves its GDP growth forecast for Spain: 1.4% for 2014 (up from 1.3% in October and 1.2% in July); to 2.0% for 2015 (up from 1.7% in October and 1.6% in July) and to 1.8% for 2016.
Short term auction (Letras): 20 January 2015 (January 20, 2015 - pdf 129 KB)
6-month Letras: €784m allotted, 3.77 bid-to-cover, 0.105% weighted average rate. 12-month Letras: €4.26bn allotted, 2.12x bid to cover, 0.213%.
Deal summary: new €9bn, 1.60%, 10-year benchmark (January 20, 2015 - pdf 315 KB)
The Kingdom of Spain priced a new 10-year benchmark. This is the first syndicated bond so far this year. The new €9 billion SPGB due 30 April 2025 pays a 1.60% coupon and was priced at a spread of 92bps over mid swaps (reoffer yield of 1.656%). More than 350 investors took part to the transaction with an orderbook that reached €22.8 billion at the final spread.
Consumer Price Index (CPI). December 2014 (January 15, 2015)
The y/y change of the December CPI index stands -1.0% (-0.4% in October). Core CPI increases one tenth at 0.0% y/y in Dedember. The harmonized consumer price index (HICP) decreased 0.6pp to -1.1% y/y.
Long term auction: 15 January 2015 (January 15, 2015 - pdf 126 KB)
Bonos del Estado Oct-2017: €1.6bn allotted, 2.46 bid to cover, 0.556% weighted average rate. Bonos del Estado Jan-2020: €1.8bn allotted, 2.39x, 0.849%. Obligaciones del Estado Jan-2022: €1.4bn, 2.37x, 1.147%.
Tesoro Público: Issuance Strategy 2015 (January 13, 2015 - pdf 2.3 MB)
Kingdom of Spain's funding strategy for 2015 (and review of 2014)
Industrial Production Index (IPI). November 2014 (provisional) (January 09, 2015)
In November, the m/m change of the Industrial Production Index stood at -0.1% (SA). The yearly change of the IPI stood at 0.0% in SA terms and at -0.1% in the original series.
Markit Services PMI. December 2014 (January 06, 2015)
Growth of Spanish service sector improves at end of 2014: The headline SA Services PMI Index rose to 54.3 in December from 52.7 in November. Monthly growth has now been recorded for fourteen successive months.
Labour Market: registered unemployment. December 2014 (January 05, 2015)
Registered unemployment decreased by 64,405 in the month of December (-1.43%, m/m). This is the greatest decrease in the month of December since 1998. In seasonally adjusted terms the unemployment decreased by 5,404. The y/y change in unemployment shows a decrease of 253,627 persons (-5.39%).
Markit Manufacturing PMI. December 2014 (January 02, 2015)
Spanish manufacturing sector continues to expand strongly: The seasonally adjusted PMI index posted 53.8 in December from 54.7 in November. Operating conditions in the sector have now improved for 13 successive months and the latest index reading was above the average for this sequence.
Retail Trade Index (RTI). November 2014 (December 30, 2014)
The monthly change of the RTI stands at 1.8% (SA) vs -0.7% m/m the previous month. The y/y change of the index stands at 1.9% (SA) and at 0.5% (original series).