Tuesday March 21 2017
Spanish Trade Deficit Widens 31.3% YoY in January
Mineco | Joana Taborda | joana.taborda@tradingeconomics.com

The trade gap in Spain increased to EUR 3.13 billion in January of 2017 from a EUR 2.38 billion shortfall a year earlier. It is the biggest trade deficit since August of 2015 as exports increased 17.4 percent year-on-year and reached another record high for a January month while imports jumped at a faster 19 percent.

Exports went up to EUR 21.44 billion, boosted by sales of equipment goods (14.3 percent), food, beverages and tobacco (1.79 percent) and autos (7.6 percent). Exports increased to the European Union (15.3 percent), namely Italy (28.7 percent), France (16.6 percent), Germany (13.7 percent) and the UK (2.2 percent). Outside the EU, shipments rose to Canada (24.8 percent), the US (19.5 percent), Argentina (25.6 percent), Brazil (15.8 percent), Chile (6.3 percent), China (52.7 percent), South Korea (22.1 percent), Hong Kong (32.5 percent), India (50.1 percent), Japan (22.8 percent), Saudi Arabia (8.8 percent), UAE (61.4 percent), Morocco (24.6 percent), South Africa (22.3 percent) and Australia (8.1 percent).

Imports rose to EUR 24.57 billion, due to purchases of equipment goods (13.2 percent), chemicals (7.5 percent), energy (74.4 percent), autos (7.9 percent) and food, beverages and tobacco (17.8 percent).

Spain recorded a EUR 1.77 billion trade surplus with the EU, higher than a EUR 1.35 billion surplus a year earlier. With non-EU countries, the trade deficit widened 33 percent year-on-year to EUR 4.9 billion. 




Tuesday March 14 2017
Spain Inflation Rate Confirmed At 3% In February
Yekaterina Guchshina | yekaterina@tradingeconomics.com

Spanish consumer prices increased 3 percent year-on-year in February of 2017, the same as in the previous month and in line with preliminary estimates. Prices rose at a faster pace for transport and food while slowed for housing, driven by lower electricity cost. On a monthly basis, prices fell 0.4 percent, compared to 0.3 percent drop according to preliminary estimates.

Year-on-year, the biggest upward pressure came from: transport (8.5 percent from 7.6 percent in January); food and non-alcoholic beverages (1.7 percent from 1 percent) and housing and utilities (5.9 percent from 7.4 percent). Prices also rose for: miscellaneous goods and services (1 percent from 1.4 percent); hotels, cafés and restaurants (1.3 percent from 1.2 percent); recreation and culture (1.3 percent from 0.9 percent); and clothing and footwear (0.9 percent, at the same pace as in January). Meanwhile, cost fell 0.4 percent for furnishings and household equipment (-0.2 percent in January).

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

On a monthly basis, consumer prices fell 0.4 percent, following a 0.5 percent drop in January due to lower prices for clothing and footwear (-1.6 percent) and housing (-3 percent).

The EU-harmonised index rose by 3 percent on the year, but fell 0.3 percent on the month.




Thursday March 02 2017
Spain GDP Growth Confirmed At 0.7% In Q4
INE | Joana Taborda | joana.taborda@tradingeconomics.com

The Spanish economy advanced 0.7 percent on quarter in the last three months of 2016, the same as in the previous period and matching preliminary estimates. Investment and exports rebounded and household spending expanded faster while government consumption contracted.

Household consumption increased 0.7 percent, higher than 0.6 percent in the previous period while government spending declined 0.2 percent (+0.5 percent in the previous quarter). Gross fixed capital formation went up 0.5 percent, recovering from a 0.1 percent contraction, mainly due to a rebound in intellectual property (1.5 percent from -1 percent) and an acceleration in construction (0.7 percent from 0.1 percent). Exports went up 2 percent, recovering from a 1.2 percent decline in the previous quarter and the highest gain since the third quarter of 2015. Imports increased 1.8 percent, also rebounding from a 2 percent decline in the previous period.

Year-on-year, the GDP expanded 3 percent, in line with preliminary estimates but below 3.2 percent in the previous period. It is the lowest growth rate since the first quarter of 2015. Investment slowed (2.2 percent from 2.6 percent in the previous quarter) and government spending stalled (0.8 percent in the previous quarter) while household spending growth was steady at 3 percent. In addition, both exports (4.4 percent from 2.9 percent) and imports (2.3 percent from 1 percent) increased at a faster pace. 

Considering full 2016, the economy advanced 3.2 percent, the same as in 2015. 




Monday February 27 2017
Spain Inflation Rate Steady At 3% In February
INE | Deborah Neves | deborah.neves@tradingeconomics.com

Spanish consumer prices are expected to increase 3 percent year-on-year in February of 2017, the same as in the previous month and below market expectations of 3.3 percent, preliminary estimates showed. Electricity cost rose at a slower pace.

On a monthly basis, consumer prices fell 0.3 percent following a 0.5 percent drop in January.

The EU-harmonised index rose by 3 percent year-on-year in February, beating expectations of a 2.9 percent increase and higher than 2.9 percent in January. The monthly rate fell 0.3 percent after climbing by 1 percent in the previous month. 


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.