The latest

• Spanish Economy Report (September 2020)  (November 23, 2020 - pdf 325 KB)

  Monthly report and summary of economic indicators

• Spanish external sector and competitiveness: facts and figures  (November 20, 2020 - pdf 888 KB)

  In 2019 (provisional data), Spain’s exports grew by 1.8% compared to 2018 to €290.09 bn, and imports increased by 1.0% y/y to €322.07 bn. In real terms, exports augmented by 1.1% y/y, and imports rose by 1.1% y/y. Spain’s trade deficit decreased to €31.98 bn from €33.84 bn in 2019, provisional data. The export/import coverage ratio reached 90.1%, 0.7 percentage points higher than in 2018 (89.4%, provisional data). In the period of January-September 2020, Spain’s exports diminished by 12.6% compared to the same period of 2019 to €188.40 bn, and imports declined by 17.2% y/y to €199.51 bn. In real terms, exports shrank by 12.3% y/y and imports dropped by 15.2%. The attached updated document provides additional key facts and figures of Spain's external sector.

• Investors Presentation  (November 20, 2020 - pdf 1.4 MB)

  Recent Developments in the Spanish Economy, Policy & Funding

• International Trade Report - September 2020 (November 19, 2020)

  In September 2020, Spain’s exports fell by 0.9% y-o-y in nominal terms to 23.25 bn euros, and imports decreased by 10.8% to 24.74 bn euros. In real terms, exports increased by 2.1% y-o-y, whereas imports declined by 7.1%. Spain’s trade balance registered a deficit of 1.49 bn euros, down from a deficit of 4.26 bn euros in September 2019 (provisional data). The export/import coverage ratio reached 94.0% (84.6% in September 2019 with provisional data).

• Long term auction: 19 November 2020  (November 19, 2020 - pdf 85 KB)

  Two references were auctioned with a target range of €1.5 to €2.5 bn. Jan-2026: €1.36 bn allotted, 2.00 bid to cover, -0.414% weighted average rate. Jul-2027: €0.49 bn allotted, 7.22 bid to cover, -0.273% weighted average rate. The gross issuance of medium- and long-term bonds of the regular funding programme stands at €182.0 bn (96,6% of the projected figure for 2020).

• Indicator Summary Chart  (November 19, 2020 - pdf 64 KB)

• European Commission: Opinion on the Draft Budgetary Plan of Spain (November 18, 2020)

  The Commission is of the opinion that the DBP of Spain is overall in line with the recommendation adopted by the Council on 20 July 2020. Most of the measures set out in the DBP of Spain are supporting economic activity against the background of considerable uncertainty. Given the level of Spain’s government debt and high sustainability challenges in the medium term before the outbreak of the Covid-19 pandemic, it is important for Spain to ensure that, when taking supportive budgetary measures, fiscal sustainability in the médium term is preserved. Spain is invited to regularly review the use, effectiveness and adequacy of the support measures and stand ready to adapt them as necessary to changing circumstances.

• Short term auction (Letras): 17 November 2020  (November 17, 2020 - pdf 81 KB)

  Two references were auctioned with a target range of €1.5 to €2.5 bn: 3 Month Letras: €0.44bn allotted, 6.89 bid-to-cover, -0.620% weighted average rate. 9 Month Letras: €0.59bn allotted, 8.46 bid-to-cover, -0.587% weighted average rate.

• IMF - Spain 2020 Article IV Consultation: selected issues (November 13, 2020)

  The COVID-19 pandemic will exacerbate Spain’s already large inclusion gap. Responding in the recovery with policies that support social objectives should be a key priority and calls for several structural changes. This paper summarizes some of the main drivers behind the social dispersion, which pre-dates the COVID-19 crisis, and policy options. The focus is on how to address the fragmented labor market, tackle pressures on rental-housing affordability, and lower the gender pay gap

• IMF - Spain 2020 Article IV Consultation Report (November 13, 2020)

  COVID-19 impact. The pandemic has hit Spain’s society and economy severely following five years of strong job-rich growth. A large service sector dominated by SMEs, importance of tourism, and widespread use of temporary employment make the economy particularly vulnerable to the health crisis. It will take several years for the economy to recover, and the outlook is subject to strong downside risks.