Monday February 20 2017
Spain Trade Gap Widens 36.4% YoY In December
Mineco | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Spain's trade gap increased 36.4 percent year-on-year to EUR 2.45 billion in December 2016 from EUR 1.79 billion, as exports rose 2.9 percent while imports went up at a faster 5.6 percent. Excluding energy, the country recorded a EUR 911 million deficit compared to a EUR 210 million gap a year earlier. Considering full 2016, the trade shortfall declined 22.4 percent to EUR 18.8 billion, the second lowest since 1993, as exports went up 1.7 percent to a new record high, while imports edged down 0.4 percent.

Total exports advanced 2.9 percent to EUR 20.73 billion from EUR 20.16 billion a year earlier, driven by energy products (2.3 percentage points); food, beverages and tobacco (1.3 p.p.); non-chemical semi-manufactures (0.7 p.p.); raw materials (0.6 p.p.) and consumer goods (0.5 p.p.). 

Exports to the EU increased 4.9 percent year-on-year; of which those for the euro zone went up 6.6 percent and those to the rest of the European Union declined 1 percent. Among major trading partners, sales rose to Italy (10 percent), France (6.1 percent), Germany (1.6 percent) while decreased for the UK (-5.6 percent). Outside the EU, exports rose to the United States (5.6 percent) and Japan (5.4 percent) but fell to China (-6.4 percent).

Total imports increased 5.6 percent to EUR 23.2 billion compared to EUR 22 billion in December 2015, boosted by equipment goods (12.6 percent), energy (15.9 percent), non-energy (4.2 percent).

Considering full 2016, the trade deficit declined 22.4 percent to EUR 18.8 billion. Exports went up 1.7 percent to EUR 254.5 billion boosted by capital goods (2.5 percent), automobiles (5.9 percent) and food, beverages and tobacco (6.2 percent). Meanwhile, imports dropped 0.4 percent to EUR 273.3 billion dragged down by chemicals (-2.8 percent).

Exports to the EU advanced 4.1 percent, of which those for the euro zone went up 4.4 percent and those to the rest of the European Union by 2.9 percent. Outside the EU, exports decreased 2.6 percent, namely to Latin America (-9.1 percent), Middle East (-4.8 percent), Africa (-0.4 percent) and Oceania (-17.3 percent). By contrast, sales increased to North America (0.3 percent) and Asia, excluding Middle East (3 percent), namely to Canada (8.4 percent), China (13.4 percent), Hong Kong (10.2 percent) and Morocco (13 percent).





Wednesday February 15 2017
Spanish Inflation Rate At More Than 4-Year High
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spanish consumer prices rose 3 percent from a year earlier in January 2017, following a 1.6 percent increase in the previous month and in line with the preliminary reading. It was the highest inflation rate since October 2012, as prices rose at a faster pace for transport, housing and food.

Year-on-year, the biggest upward pressure came from: Transport (7.6 percent from 4.7 percent in December); housing and utilities (7.4 percent from 0.8 percent); and food and non-alcoholic beverages (1 percent from 0.8 percent). Prices also rose for: Miscellaneous goods and services (1.4 percent); hotels, cafés and restaurants (1.2 percent); recreation and culture (0.9 percent); and clothing and footwear (0.9 percent). Meanwhile, cost fell 0.2 percent for furnishings and household equipment.

Annual core inflation, which strips out volatile food and energy  prices, was 1.1 percent, compared to a reading of 1 percent a month earlier. 

On a monthly basis, consumer prices fell 0.5 percent, following a 0.6 percent gain in December due to lower prices for clothing and footwear (-15.3 percent) and recreation and culture (-1.5 percent).

The EU-harmonised index rose by 2.9 percent on the year, the biggest gain since December 2012, but fell 1 percent on the month.




Tuesday January 31 2017
Spain Inflation Rate Highest Since 2012
INE | Joana Taborda | joana.taborda@tradingeconomics.com

Consumer prices in Spain are expected to rise 3 percent year-on-year in January of 2017, higher than a 1.6 percent increase in the previous month and beating market expectations of 2.3 percent. It is the highest inflation rate since October of 2012, boosted by rising prices of electricity and fuels, preliminary estimates showed.

On a monthly basis, consumer prices fell 0.5 percent following a 0.6 percent rise in December and marking the first drop in six months.

The EU-harmonised index rose by 3 percent year-on-year in December, beating expectations of a 2.4 percent increase and higher than 1.4 percent in December. The monthly rate also fell 0.9 percent after rising 0.5 percent in December. 


Monday January 30 2017
Spain GDP Growth Rate Steady At 0.7% In Q4
INE | Joana Taborda | joana.taborda@tradingeconomics.com

The Spanish economy expanded 0.7 percent on quarter in the last three months of 2016, the same as in the previous period and in line with market expectations, preliminary estimates showed. It is the thirteenth consecutive quarter of growth, following a contraction in 2011-2013.

Year-on-year, the GDP expanded 3 percent, below 3.2 percent in the previous quarter but also in line with market forecasts.

Considering full 2016, the economy grew 3.2 percent, the same as in 2015 and much faster than 1.4 percent in 2014 after record tourism helped to boost employment and consumer spending. For 2017, the European Commission expects growth to slow to 2.3 percent.




Thursday January 26 2017
Spain Unemployment Rate Falls To 7-Year Low Of 18.63%
INE |Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The unemployment rate in Spain fell to 18.63 percent in the fourth quarter of 2016 from 18.91 percent in the previous period and better than market expectations of 18.7 percent. It was the lowest jobless rate since the third quarter of 2009, as the number of unemployed fell by 1.9 percent to 4.24 million. Still, Spain has the second highest unemployment rate in the EU after Greece.

The number of unemployed persons declined 1.9 percent to 4.24 million with the biggest decreases recorded in Comunitat Valenciana (-23.1 thousand persons), Madrid (-18.3 thousand persons) and Asturias (-13.7 thousand persons).

The number of employed persons decreased 0.1 percent to 18.51 million. Employment decreased in both public (-17.8 thousand) and in private sector (-1.6 thousand).  By regions, employment rose the most in Comunitat Valenciana (+32.6 thousand), Madrid (+27.8 thousand) and Castilla-La Mancha (+13.7 thousand)

By sector, jobs were created in agriculture (+72.9 thousand) and industry (+47.8 thousand) while employment fell in services (-112.3 thousand) and construction (-27.8 thousand).

Temporary job contracts decreased by 79.4 thousand while permament contracts rose 60.2 thousand.

The number of detached from the labour force increased 0.9 percent to 15.839 million persons.
A year earlier, the jobless rate was higher at 20.9 percent. 




Thursday January 19 2017
Spain Trade Deficit Narrows 32.6% YoY In November
Mineco | Deborah Neves | deborah.neves@tradingeconomics.com

Spain's trade gap declined 32.6 percent to €1.25 billion in November 2016 from €1.85 billion a year earlier, as exports rose more than imports mainly driven by sales of equipment goods, energy products and food, beverages and tobacco. Excluding energy, the country recorded a €192 million surplus swinging from a a €41 million gap a year earlier.

Total exports went up by 8.5 percent to €23.51 billion from €21.66 billion a year earlier, boosted by sales of equipment goods; energy products; food, beverages and tobacco; consumer goods; automotive sector and chemical products. 

Exports to the EU jumped 11 percent year-on-year; of which those for the euro zone went up by 13.9 percent and those to the rest of the European Union increase 0.8 percent. Among major trading partners, sales rose to France (16.9 percent), Germany (15.4 percent) and Italy (13.8 percent) while decreased for the UK (-0.9 percent). Exports to countries outside the European Union went up 3.8 percent from the same month last year. By region, exports increased to North America (8.4 percent), Latin America (4.7 percent), Asia excluding the Middle East (0.5 percent), the Middle East (7.1 percent) and Africa (6.1 percent) while decreased for Oceania (-8.2 percent). By country, sales rose to Canada (19.9 percent), the United States (7.1 percent), Mexico (21.6 percent), China (12.3 percent), Hong Kong (19.8 percent) and India (15.7 percent). By contrast , shipments decreased to Brazil (-12.8 percent), Argentina (-10.4 percent), Chile (-10 percent), Japan (-16.3 percent) and South Korea (-33.5 percent).

Total imports increased 5.3 percent to €24.75 billion compared to € 23.51 billion in November 2015.



Friday January 13 2017
Spanish Inflation Rate Revised Up To Highest Since July 2013
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spanish consumer prices rose 1.6 percent from a year earlier in December 2016, up from 0.7 percent in the previous month and above a preliminary reading of 1.5 percent. It was the highest inflation rate since July 2013, as prices rose for transport, housing, leisure activities and food. The average CPI fell 0.2 percent in 2016 compared to a 0.5 percent decline in 2015.

Year-on-year, the biggest upward pressure came from: Transport (+4.7 percent from +1.4 percent in November); housing (+0.8 percent from -0.4 percent); recreation and culture (+0.5 percent from -1.6 percent); and food and non-alcoholic beverages (+0.8 percent from +0.4 percent). Prices also rose for: Communications (+3.3 percent); miscellaneous goods and services (+1.9 percent); hotels, cafés and restaurants (+1.4 percent); clothing and footwear (+0.9 percent); education (+0.9 percent); and alcoholic beverages and tobacco (+0.9 percent). Meanwhile, cost was unchanged for furnishings and household equipment and fell by 0.1 percent for health.

On a monthly basis, consumer prices rose 0.6 percent, following a 0.4 percent gain in November and also boosted by higher prices for transport (+1.7 percent), recreation and culture (+3.2 percent), housing (+1.3 percent) and food (+0.5 percent).

Annual core inflation, which strips out volatile food and energy  prices, was 1 percent, compared to a reading of 0.8 percent a month earlier. 

The EU-harmonised index rose by 1.4 percent on the year, the biggest gain since August 2013, and by 0.5 percent on the month.

The average CPI fell 0.2 percent in 2016 compared to a 0.5 percent decline in 2015.


Friday December 30 2016
Spain Inflation Rate At Near 3-1/2-Year High Of 1.5%
INE | Joana Taborda | joana.taborda@tradingeconomics.com

Consumer prices in Spain are expected to increase 1.5 percent year-on-year in December of 2016, following a 0.7 percent gain in the previous month. It is the fourth straight month of rising consumer prices and the highest inflation rate since August of 2013, boosted by a surge in fuel prices, namely diesel in gasoline.

On a monthly basis, consumer prices increased by 0.6 percent, following a 0.4 percent gain the previous month.

The EU-harmonised index rose by 1.4 percent year-on-year in December, beating expectations of a 0.9 percent increase and higher than 0.5 percent in November. The monthly rate also went up to 0.5 percent from 0.2 percent. 


Thursday December 22 2016
Spain Trade Deficit Narrows 2.9% YoY In October
Mineco | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spain's trade deficit declined 2.9 percent to €1.83 billion in October 2016 from €1.89 billion a year earlier, as exports fell 1.6 percent while imports dropped 1.7 percent. In the first ten months of the year, the trade deficit fell 26.6 percent to €15.06 billion, the second lowest gap since 1997, driven by a 0.9 percent increase in exports, which hit a new record high for that period.

Total exports declined by 1.6 percent to €21.81 billion from €22.17 billion a year earlier. Main contributions to export decline came from: Other goods (-1.4 points); non-chemical semi-manufactures (-1.3 points); capital goods (-0.8 points); and chemical products (-0.3 points). By contrast, positive contributions came from: Energy products (+1.5 points); food, beverages and tobacco (+0.5 points); and raw materials (+0.4 points)

Exports to the EU dropped 2 percent year-on-year; of which those for the euro zone decreased by 0.4 percent and those to the rest of the European Union went down 7.2 percent. Among major trading partners, sales declined to Germany (-2.3 percent), France (-1.7 percent), Italy (-1.6 percent) and the UK (-10.3 percent). Exports to countries outside the European Union went down 1 percent from the same month last year. By region, exports declined to North America (-10.9 percent), Latin America (-11.4 percent), the Middle East (-10.2 percent) and Africa (-0.7 percent). By country, sales fell to the United States (-11.2 percent), Brazil (-16 percent), Argentina (-36.9 percent), South Korea (-30.9 percent) and Saudi Arabia (-10.3 percent). Exceptions were Asia excluding the Middle East (+10.4 percent), with increases in exports to China (+21.8 percent), Japan (+13.5 percent), Hong Kong and Oceania (+5.2 percent). In addition to these Asian countries, sales rose to Egypt (+15.2 percent) and South Africa (+14.9 percent).

Total imports decreased by 1.7 percent to €23.64 billion from €24.06 billion a year earlier.

The coverage rate stood at 92.2 percent, the same as in October 2015

The non-energy balance showed a deficit of €619 million (€129 million surplus in October 2015) and the energy deficit decreased 39.8 percent from the previous year.

Considering the first ten months of the year, the Spanish trade deficit fell 26.6 percent to €15.06 billion, the second lowest gap since 1997, driven by a 0.9 percent increase in exports to €210.29 billion, which hit a new record high for that period; while imports fell 1.6 percent to €225.35 billion.


Tuesday December 13 2016
Spain Inflation Rate Confirmed At 0.7% In November
Inee l Yekaterina Guchshina | yekaterina@tradingeconomics.com

Spanish consumer prices rose 0.7 percent year-on-year in November 2016, at the same pace as in the previous month and matching preliminary estimates. It was the third straight month of gains and the highest inflation rate since August 2013, mainly driven by an increase in a cost of food and hotels and restaurants. On a monthly basis, consumer prices went up 0.4 percent, above preliminary estimates of 0.3 percent.

Prices rose at a faster pace for  food and non-alcoholic beverages (+0.4 percent vs +0.3 percent in October) and restaurants, cafes and hotels (+1.3 percent vs +1.2 percent). Also, cost fell less for recreation and culture (-1.6 percent vs -1.9 percent). Meanwhile, transport prices increased at a slower 1.4 percent (+1.7 percent in October). Inflation was steady for miscellaneous goods and services (+1.9 percent); clothing and footwear (+0.9 percent); communications (+3.2 percent); housing (-0.4 percent); and health (-0.2 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.

The harmonized index increased by 0.5 percent year-on-year, at the same pace as in the previous month. The monthly index went up 0.2 percent,  after growing 0.8 percent in a month earlier.