The Spanish Economy
Retail Trade Index (RTI). May 2016 (June 28, 2016)
The monthly change of the RTI stands at -0.9% (SA) vs 0.6% m/m the previous month. The y/y change of the index stands at 2.3% (SA) and at 2.8% (original series).
- Weekly Economic Bulletin (June 24, 2016 - pdf 607 KB)
Short term auction (Letras): 21 June 2016 (June 21, 2016 - pdf 81 KB)
Two references were auctioned with a target range of €3 to €4bn: 3-month Letras: €1.01bn allotted, 2.61 bid-to-cover, -0.145% weighted average rate. 9-month Letras: €2.76bn allotted, 1.74 bid-to-cover, -0.086% weighted average rate.
Quarterly Labour Cost Survey (QLCS). Q1-2016 (June 16, 2016)
The labour cost of companies decreases 0.2% in the Q1-2016 vs the same period of 2015. The wage cost per worker per month remains at the same level as in the Q1-2015 and other costs decreases 1.0%.
Long term auction: 16 June 2016 (June 16, 2016 - pdf 96 KB)
Four references were auctioned with a target range of €4.5 to €5.5bn. Jan-2019: €1.57bn allotted, 2.06 bid to cover, 0.137% weighted average rate. Jul-2021: €1.41bn allotted, 1.98 bid to cover, 0.591% weighted average rate. Apr-2026: €1.46bn allotted, 1.6 bid to cover, 1.591% weighted average rate. Jul-2040: €0.54bn allotted, 1.75 bid to cover, 2.527% weighted average rate. The gross issuance of medium- and long-term bonds stands at €67.5bn (56.1% of the projected figure for the year).
Consumer Price Index (CPI). May 2016 (June 14, 2016)
The y/y change of the CPI index stands at -1.0%, on tenth higher than that registered the previous month. Core CPI remains at 0.7%. The harmonized consumer price index (HICP) stands at -1.1% y/y, one tenth higher than that registered in April.
Industrial Production Index (IPI). April 2016 (June 07, 2016)
The m/m change of the Industrial Production Index stood at 0.0% (SA). The y/y change of the IPI stood at 2.7% in SA terms and at -8.9% in the original series.
Banco de España: Macroeconomic projections (June 2016) (June 07, 2016)
According to the estimates made, the upturn in activity is expected to continue throughout the projection period, albeit at a gradually declining pace. The increase in output will continue to be underpinned by the progress made in correcting the economy’s imbalances (in particular, the improvement in competitive conditions and deleveraging by households and firms) and by the persistence of favourable financing conditions for private agents, fostered in turn by the expansionary stance of monetary policy. Specifically, average GDP growth is expected to stand at 2.7% this year (vs 2.7% in March) and to slow to 2.3% in 2017 (vs 2.3% in March) and 2.1% in 2018.
Markit Services PMI. May 2016 (June 03, 2016)
The headline SA Business Activity Index ticket up to 55.4 in May from 55.1 in April signalling a further marked monthly increase in activity at Spanish service providers, and one that was slightly faster than recorded in the previous month. Activity has now risen in each of the past 31 months.
Labour Market: Social Security covered workers. May 2016 (June 02, 2016 - pdf 59 KB)
In the month of May, Social Security system contributors increased by 198,004 persons (1.13%, m/m). In seasonally adjusted terms, Social Security contributors increased by 35,658 persons. Versus a year earlier, the annual increase in recorded affiliation is 440,529 (2.56% y/y).
Labour Market: Registered unemployment. May 2016 (June 02, 2016 - pdf 67 KB)
In the month of May, registered unemployment decreased by 119,768 persons (-2.99%, m/m). In seasonally adjusted terms, registered unemployment decreased by 43,966 persons. Versus a year earlier, the annual fall in registered unemployment is 323,328 (-7.68% y/y).
OECD: Economic Outlook June 2016 Spain (June 01, 2016)
The OECD improves its GDP growth forecast for Spain to 2.8% for 2016 (up from 2.7% in November). Forecats 2.3% for 2017 (down from 2.5%). The recovery is projected to continue in 2016 and 2017, although at a more moderate pace. Low borrowing rates for businesses and households will keep providing support. Some of the positive forces, including lower oil and other commodity prices and a mildly positive fiscal stimulus, will boost consumption in 2016 but then fade in 2017.
Markit Manufacturing PMI. May 2016 (June 01, 2016)
The SA PMI index posted 51.8 in May, down from 53.5 in April, its lowest level since October 2015 and thereby signalling a weaker improvement of business conditions in the sector. Business conditions have now improved in each of the past 30 months.
Quarterly National Accounts Q1-16 (May 26, 2016)
In Q1-16, the Spanish economy registered a quarterly growth of 0.8%. This rate is the same as the one recorded in Q4-15. Year-on-year growth stands at 3.4% vs 3.5% registered in the previous quarter.
(May 2016 - pdf 994 KB)
Stability Programme 2016-2019 (Summary presentation) ES
(April 2016 - pdf 234 KB)
National Reform Programme 2016 Executive Summary
(April 2016 - pdf 190 KB)