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.


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.