Tuesday November 29 2016
Spain Inflation Rate Unchanged At Nearly 3-Year High
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spain's consumer prices are expected to advance 0.7 percent year-on-year in November 2016, the same as in the previous month and beating market expectations of 0.5 percent growth. It was the third straight month of gains and the highest inflation rate since August 2013.

On a monthly basis, consumer prices increased by 0.3 percent, following a 1.1 percent jump the previous month.

Spanish EU-harmonised consumer prices rose by 0.5 percent year-on-year in November, in line with markets forecast and unchanged from October. Compared with October 2016, harmonised consumer prices went up by 0.3 percent after climbing by 0.8 percent the previous month.




Thursday November 24 2016
Spain GDP Growth Rate Slows to 0.7% in Q3
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Spanish economy advanced 0.7 percent on quarter in the three months to September of 2016, easing slightly from a 0.8 percent growth in the previous period and in line with preliminary estimate. It was the twelfth straight quarter of growth, but the weakest reading since the fourth quarter of 2014, as household consumption and fixed investment grew at a slower pace while government spending rebounded and net external demand contributed positively. Compared to the same period of previous year, the GDP advanced 3.2 percent.

On a quarterly basis, household spending expanded 0.6 percent, slowing from a 0.7 percent gain in the previous period and gross fixed capital formation edged up 0.1 percent, following a 1.1 percent rise in the second quarter. Investment in equipment and goods went up 0.3 percent (+1.9 percent in Q2) and construction increased 0.2 percent (+0.5 percent in Q2) while intellectual property shrank 0.7 percent (+1.3 percent in Q2). Meanwhile, government spending rebounded sharply by 1 percent, the fastest since the first quarter of 2015, following a 0.6 percent contraction in the second quarter.

Net external demand contributed positively, as exports fell 1.3 percent (+3.1 percent in Q3), while imports declined at a much faster 1.8 percent (+2 percent in Q2).

On a yearly basis, the economy expanded 3.2 percent, down from 3.4 percent in the second quarter but matching preliminary estimates. 




Monday November 21 2016
Spain Posts Smallest September Trade Deficit in 19 Years
Mineco | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spain's trade deficit declined 13.2 percent to €2.23 billion in September 2016 from €2.57 billion a year earlier. It was the smallest trade gap for a September month since 1997, as exports were almost unchanged from the previous year while imports dropped 1.4 percent. In the first nine months of the year, the trade deficit fell 29 percent to €13.23 billion, driven by a 1.2 percent increase in exports, which hit a new record high for that period.

Total exports were almost unchanged at €21.43 billion, a fresh record high for a September month. Main contributions to export growth came from: Food, beverages and tobacco (contribution of +1.1 points); manufactured consumer goods (+0.7 points), energy products (+0.4 points) and raw materials (+0.4 points). By contrast, negative contributions came from: other goods (contribution of -1.3 points); chemical products (-0.5 points), capital goods (-0.5 points) and the automotive sector (-0.4 points).

Exports to the EU dropped 0.6 percent year-on-year; of which those for the euro zone decreased by 0.8 percent and those to the rest of the European Union went down 0.2 percent. Among major trading partners, exports fell to France (-7.5 percent) and the UK (-1.5 percent) but rose to Italy (+8.7 percent) and Germany (+1.1 percent). Exports to countries outside the European Union grew 1.5 percent from the same month last year. By countries, sales mainly rose to Canada (+24.5 percent), Egypt (+46.7 percent) and Morocco (+8.1 percent); but fell to the United States (-5.9 percent), Argentina (-45.8 percent), Venezuela (-50.4 percent) and Algeria (-10.7 percent).

Total imports decreased by 1.4 percent from the previous year to €23.66 billion.

The coverage rate stood at 90.6 percent, 1.3 percentage points higher than in September 2015 (89.3 percent), the highest value recorded for this month since the beginning of the series in 1962.

The non-energy balance showed a deficit of €1.02 billion (€0.70 billion gap in September 2015) and the energy deficit decreased 35.2 percent from the previous year.

Considering the first nine months of the year, the Spanish trade deficit fell 29 percent to €13.23 billion, driven by a 1.2 percent increase in exports to €188.49 billion, which hit a new record high for that period; while imports fell 1.6 percent to €201.71 billion.




Tuesday November 15 2016
Spain Inflation Rate Confirmed at 0.7% in October
Inee l Rida Husna | rida@tradingeconomics.com

Spanish consumer prices rose 0.7 percent year-on-year in October 2016, compared to a 0.2 percent rise in September and matching preliminary estimates. It was the second straight month of increase and the highest figure since August 2013, mainly driven by an increase in cost of transport and restaurants, cafes and hotels.

Compared to the same month of the preceding year, cost of transport went up 1.7 percent, followed by restaurants, cafes and hotels (+1.2 percent). Prices also increased for miscellaneous goods and services (1.9 percent), clothing and footwear (+0.9 percent), food and alcoholic beverages (+0.3 percent) and communications (+3.2 percent). In contrast, cost fell for housing (-0.4 percent) , health (-0.2 percent) and recreation and culture (-1.9 percent).

Core inflation, which strips out volatile food and energy prices, was recorded at 0.8 percent, the same pace as in the prior month.

On a monthly basis, consumer prices rose 1.1 percent, compared to a flat growth in a month earlier and in line with estimates.

The harmonized index increased by 0.5 percent year-on-year, after remaining unchanged in September. The monthly index went up 0.8 percent, up slightly from a 0.7 percent rise in a month earlier and matching consensus.


Friday October 28 2016
Spain GDP Expands 0.7% QoQ in Q3
Joana Ferreira | joana.ferreira@tradingeconomics.com

The Spanish economy advanced 0.7 percent on quarter in the three months to September of 2016, following a 0.8 percent expansion in each of the previous three quarters and in line with market expectations, preliminary estimates showed. It was the 12th straight quarter of growth, but the weakest reading since the fourth quarter of 2014.

It was the 12th straight quarter of growth as low inflation, falling unemployment and a bumper tourist season boosted consumer spending this year. Still, growth slowed to a nearly two-year low.

Compared with the same quarter a year ago, the GDP advanced 3.2 percent, following an upwardly revised 3.4 percent expansion in the previous period but above expectations of 3.1 percent growth.


Friday October 28 2016
Spain Inflation Rate Rise the Most in Over 3 Years
Ineel Rida Husna | rida@tradingeconomics.com

Consumer prices in Spain are expected to rise 0.7 percent year-on-year in Octoberber of 2016, following a 0.2 percent rise in September while market expected a 0.3 percent gain. It is the second straight month of increase and the highest figure since August 2013, mostly due to a rise in prices of fuel and electricity.

On a monthly basis, consumer prices rose 1.1 percent, compared to a flat growth in a month earlier.

The harmonized index increased 0.5 percent year-on-year, after remaining unchanged in September and beating market consensus of a 0.2 percent increase. The monthly index increased by 0.8 percent, slowing slightly from a 0.7 percent rise in September and below estimates of a 0.7 percent increase.


Thursday October 27 2016
Spain Unemployment Rate at Near 7-Year Low of 18.91%
INE | Joana Taborda | joana.taborda@tradingeconomics.com

The unemployment rate in Spain declined to 18.91 percent in the third quarter of 2016 from 20 percent in the previous three months. Figures came better than market expectations of 19.3 percent, reaching the lowest since the last quarter of 2009 when unemployment was recorded at 18.66 percent. Yet, tourist arrivals hit a record high during the Summer season this year, boosting job hiring mainly in the services sector. However, Spain still has second highest unemployment rate in the European Union after Greece.

The number of unemployed persons decreased 5.55 percent to 4.32 million. Biggest decreases were recorded in Cataluña (-51.1 thousand), Madrid (-41.8 thousand) and Comunitat Valenciana (-29.2 thousand). 

The number of employed persons rose 1.24 percent to 18.52 million. Employment increased in both public (+8.9 thousand) and private (+217.7 thousand) sectors, mainly for those with a temporary job contract (+245.9 thousand) while it fell for those with a permanent contract (-29.1 thousand). Among sector, biggest job gains occured in services (+178.7 thousand), industry (+34.2 thousand) and construction (+29.9 thousand) while agriculture shed 16.3 thousand jobs. Among regions, employment rose the most in Cataluña (+42.7 thousand) but fell in Murcia (-5.6 thousand). 

The number of people detached from the labour force increased 0.42 percent to 15.695 million. 

A year earlier, the jobless rate was higher at 21.18 percent. 




Thursday October 20 2016
Spain Trade Gap Narrows 19.9% YoY in August
Mineco | Yekaterina Guchshina | yekaterina@tradingeconomics.com

Spain's trade deficit dropped 19.9 percent year-on-year to €2.56 billion in August 2016. Exports rose 8.9 percent while imports increased at a slower 4.2 percent. In the first eight months of the year, the trade deficit fell 31.6 percent to €10.9 billion, the second lowest trade gap since 1997. Exports went up 1.3 percent and hit a new record high for that period, while imports rose 1.6 percent.

Total exports rose by 8.9 percent year-on-year to €17.6 billion, the highest reading on record for August month. Contributions to export growth came mainly from the food and beverages (contribution of +2.2 points), non-chemical semi-manufactures (+2.2 points), chemicals (+2.1 points) and automotive sector (+1.8 points). In the contrast, the only sectors that contributed negatively were other goods (contribution of -1.9 points) and capital goods (-0.9 points).
Exports to the EU went up 5.1 percent year-on-year; of which those for the euro zone rose by 7.4 percent. Among trading partners, exports increased to Germany (+9.8 percent), Italy (+11.4 percent) and France (+4.7 percent) but fell to the UK (-0.9 percent). Exports to countries outside the European Union edged up 0.1 percent. Meanwhile, sales dropped to China (-3.2 percent) and Japan (-9.6 percent).

Total imports increased by 4.2 percent to €20.2 billion.

The coverage rate stood at 87.3 percent, 3.8 percentage points higher than in August 2015 (83.5 percent), hitting the second greatest value from the beginning of the series in 1962. 

The non-energy balance showed a deficit of €1169.6 million (€755.1 million gap in August 2015) and the energy deficit decreased 43 percent from the previous year.


Friday October 14 2016
Spain September Inflation Rate Revised Down to 0.2% YoY
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spanish consumer prices increased by 0.2 percent year-on-year in September 2016, after edging lower by 0.1 percent in August, but missing preliminary estimates of a 0.3 percent rise. It was the first gain in 14 months and the biggest increase since May 2014, as cost of hotels, cafés and restaurants rose further, while prices of transport were unchanged and those of housing and utilities fell at a slower pace.

Compared with September 2015, prices of hotels, cafés and restaurants rose further by 1.1 percent, following a 0.2 percent growth the previous month. Additional upward pressure came from: food and non-alcoholic beverages (+0.8 percent from +1.8 percent in August); miscellaneous goods and services (+1.8 percent, the same as in August); and clothing and footwear (+0.8 percent from +0.7 percent).

Meanwhile, transport prices were unchanged after dropping by 1.9 percent the previous month; while cost of housing and utilities fell 2.8 percent, easing from a 4.4 decrease in August. Additional downward pressure came from: recreation and culture (-1.5 percent from +0.2 percent in August); and health (-0.2 percent from -0.1 percent).

Core inflation, which strips out volatile food and energy prices, was recorded at 0.8 percent compared to a reading of 0.9 percent a month earlier.

On a monthly basis, consumer prices were flat after rising by 0.1 percent in the previous month, as a rise in prices of clothing and footwear (+5.1 percent) was offset by falls in cost of food and non-alcoholic beverages (-0.9 percent).

The harmonized index was steady on the year but rose 0.7 percent on the month. 


Thursday September 29 2016
Spain Inflation Rate at 2-1/2-Year High
INE | Joana Taborda | joana.taborda@tradingeconomics.com

Consumer prices in Spain are expected to rise 0.3 percent year-on-year in September of 2016, following a 0.1 percent decline in August. It is the first gain in consumer prices in 14 months and the biggest increase since April of 2014.

The increase in the inflation rate is mostly due to a rise in prices of fuel and electricity. 

On a monthly basis, consumer prices edged up 0.1 percent, the same as in August.

The harmonized index increased 0.1 percent year-on-year, compared to a 0.3 percent fall in August and lower than market expectations of a 0.2 percent rise. The monthly index jumped 0.8 percent after being flat in the previous month.