The latest

• European Commission: summer 2020 Economic Forecast - Spain  (July 07, 2020 - pdf 129 KB)

  The economic impact of the confinement in the first half of 2020 looks likely to turn out worse than expected in the spring forecast. This will not be fully offset by the rebound expected in the second half of 2020 as most restrictions to activity are lifted. As a consequence, annual GDP growth in 2020 is now forecast at almost -11%, about 1½ pps. lower than projected in spring. Activity should continue recovering during the first half of 2021 and then moderate gradually in the second half. This, together with a strong positive carryover from the last quarters of 2020, would bring annual GDP growth to about 7% in 2021 (broadly unchanged since spring), leaving the volume of output in 2021 about 4½ % below its 2019 level. The annual GDP growth forecast for 2020 is -10.9% and +7.1% for 2021.

• Short term auction (Letras): 7 July 2020  (July 07, 2020 - pdf 136 KB)

  Two references were auctioned with a target range of €6.5 to €7.5 bn: 6 month Letras: €1.01bn allotted, 3.76 bid-to-cover, -0.506% weighted average rate. 12 Month Letras: €6.00bn allotted, 1.64 bid-to-cover, -0.463% weighted average rate.

• Industrial Production Index (IPI). May 2020 (July 06, 2020)

  The m/m change of the Industrial Production Index stood at 14.7% (SA). The y/y change of the IPI stood at -24.5% in SA terms and at -27.8% in the original series.

• IHS Markit Services PMI. June 2020 (July 03, 2020)

  Spanish service sector returns to growth in June. The headline seasonally adjusted Business Activity Index moved back above the 50.0 no-change mark in June, posting 50.2, up sharply from May’s 27.9.

• Indicator Summary Chart  (July 03, 2020 - pdf 70 KB)

• Long term auction: 2 July 2020  (July 02, 2020 - pdf 90 KB)

  Four references were auctioned with a target range of €5 to €6 bn for the nominal references, and €0.75 to €1.25 bn for the inflation-linked reference. Jan-2025: €1.96 bn allotted, 1.79 bid to cover, -1.153% weighted average rate. Jul-2027: €1.78 bn allotted, 1.58 bid to cover, 0.146% weighted average rate. Oct-2030: €2.11 bn allotted, 2.06 bid to cover, 0.451% weighted average rate. Nov-2030 €i: €0.89 bn allotted, 1.44 bid to cover, -0.361% weighted average rate. The gross issuance of medium- and long-term bonds of the regular funding programme stands at €138.9 bn, 74,7% of the projected figure for 2020).

• Labour Market: Registered unemployment. June 2020  (July 02, 2020 - pdf 66 KB)

  Registered unemployment increased by 5,107 persons (+0.13%, m/m). In seasonally adjusted terms, registered unemployment increased by 77,593 persons. Versus a year earlier, the annual increase in registered unemployment is 847,197 (+28.09% y/y).

• Labour Market: Social Security covered workers. June 2020  (July 02, 2020 - pdf 59 KB)

  Social Security system contributors increased by 68,208 persons (+0.37%, m/m). In seasonally adjusted terms, Social Security contributors increased by 29,447 persons. Versus a year earlier, the annual decrease in recorded affiliation is 893,360 (-4.58% y/y).

• IHS Markit Manufacturing PMI. June 2020 (July 01, 2020)

  The headline IHS Markit Manufacturing PMI maintained its recent upward trend during June, reaching a level of 49.0, from 38.3 in May. Whilst below the 50.0 no-change mark for a fourth successive month, the latest reading was the best since February and continued the strong gains in the index since April’s nadir of 30.8.

• Quarterly National Accounts Q1-20 (June 30, 2020)

  In Q1-20, the Spanish economy registered a quarterly growth of -5.2%. Year-on-year growth stands at -4.1%.