Friday May 11 2018
Spain April Inflation Rate Confirmed at 1.1%
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spain's consumer price inflation was confirmed at 1.1 percent year-on-year in April 2018, slightly below the previous month's figure of 1.2 percent.

Year-on-year, prices rose at a slower pace for both housing & utilities (0.8 percent vs 1 percent in March), and restaurants & hotels (1.6 percent vs 2.2 percent). In addition, cost of recreation & culture fell 1.4 percent, following an increase of 1 percent in the previous month. On the other hand, inflation picked up for: food & non-alcoholic beverages (1.6 percent vs 1.4 percent); transport (2 percent vs 1.4 percent); miscellaneous goods & services (0.8 percent vs 0.7 percent); and clothing & footwear (0.8 percent vs 0.7 percent).

Annual core inflation, which excludes volatile items such as food and energy, dropped to 0.8 percent in April from 1.2 percent in the previous month.

On a monthly basis, consumer prices jumped 0.8 percent in April, after a 0.1 percent gain in March. Prices rose mostly for clothing & footwear (10.3 percent), transport (1.1 percent), communications (1.2 percent), restaurants & hotels (0.3 percent), and food & non-alcoholic beverages (0.1 percent).

The harmonised index of consumer prices advanced 1.1 percent from the previous year and 0.8 percent month-over-month.




Friday April 27 2018
Spain Inflation Rate Slows to 1.1% in April
INE | Stefanie Moya | stefanie.moya@tradingeconomics.com

Consumer prices in Spain are expected to increase 1.1 percent year-on-year in April of 2018 from 1.2 percent in the previous month and slightly below market consensus of a 1.2 percent. Cost rose at a softer pace mainly due to a slowdown in tourist packages and gas prices, the preliminary figures showed.

On a monthly basis, consumer prices are expected to advance 0.8 percent, easing from a 1.2 percent gain in the prior month.

The EU-harmonised index edged up 1.1 percent year-on-year after a 1.3 percent rise in March, the preliminary estimates recorded. Compared to the previous month, the index is expected to jump 0.8 percent, following a 1.2 percent in March.


Friday April 27 2018
Spanish Economy Expands 0.7% in Q1
Joana Ferreira | joana.ferreira@tradingeconomics.com

The Spanish economy grew by 0.7 percent on quarter in the three months to March 2018, the same pace as in the previous period and in line with market expectations, a preliminary estimate showed.

It was the 18th straight quarter of solid growth after a five-year financial crisis that ended in 2013.

On an annual basis, the GDP rose by 2.9 percent in the first quarter, easing from a 3.1 percent increase in the previous period and missing market consensus of 3 percent. It was the weakest annual growth rate in three years.




Thursday April 26 2018
Spain Jobless Rate Rises to 16.74% in Q1
INE | Stefanie Moya | stefanie.moya@tradingeconomics.com

The unemployment rate in Spain increased to 16.74 percent in the first three months of 2018 from a 16.55 percent in the previous period and above market expectations of 16.20 percent. Among regions, Extremadura (25.94 percent), Andalucía (24.74 percent) and Castilla-La Mancha (20.68 percent) recorded the highest jobless rates while Navarra (10.54 percent), País Vasco (10.76 percent) and La Rioja (11.03 percent) the lowest. In Catalonia, the unemployment rate was 12.19 percent and in Madrid 13.40 percent.

Considering the whole country, the number of jobless people went up by 29.4 thousand to 3.796 million. The biggest rises in unemployment were in Illes Balears (+28.0 thousand), Andalucía (+15.1 thousand) and Murcia (+9.1 thousand) while decreases were seen mainly in Catalonia (-20.6 thousand), Canarias (-18.0 thousand) and Madrid (-10.3 thousand).

The number of employed dropped by 124.1 thousand to 18.874 million. Job losses were seen in services (-110.5 thousand) and industry (-34.9 thousand). On the other hand, jobs increased in agriculture (+13.1 thousand) and construction (+8.2 thousand). By region, the largest declines were observed in Valencia (-38.2 thousand, Illes Balears (-31.6 thousand) and Castilla La-Mancha (-21.9 thousand) while the largest gains were seen in Madrid (+21.9 thousand), and Canarias (+7.6 thousand). Employment fell by 155.2 thousand to 15.764 million in the private sector but edged up by 31.0 thousand to 3.106 million in the public. 

The number of active people went down by 94.7 thousand to 22.670 million, bringing the labour force participation rate down to 58.46 percent.




Friday April 20 2018
Spain Trade Deficit Narrows 16.8% in February
Mineco | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Spanish trade deficit narrowed 16.8 percent to EUR 2.17 billion in February 2018 from EUR 2.61 billion in the same month a year earlier.

Exports increased 2.3 percent to EUR 22.59 billion in February from EUR 22.08 billion a year earlier. The main contributions to export growth came from energy products (1.4 points), capital goods (1 point), non-chemical semi-manufactured products (0.6 points) and raw materials (0.5 points). The sectors with the most significant negative contribution were autos (-0.8 points) and food, beverages and tobacco (-0.5 points). 

Exports to the EU edged down 0.2 percent year-on-year, as an increase of 0.6 percent in sales to the euro zone was offset by a decline of 3 percent to the rest of the European Union. Among major trading partners, exports grew to Portugal (8.2 percent) and Germany (3.1 percent), but dropped to Italy (-5.6 percent), France (-2.1 percent) and the UK (-8.1 percent).

Imports rose at a softer 0.3 percent to EUR 24.76 billion in February from EUR 24.68 billion a year earlier.

In the first two months of the year, the trade gap widened 6.3 percent to EUR 6.10 billion, as imports went up 4.6 percent to an all-time high of EUR 51.52 billion and exports increased 4.4 percent to EUR 45.42 billion, also a new record high for that period.




Friday April 13 2018
Spain March Inflation Rate Confirmed at 1.2%
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spain's consumer price inflation was confirmed at 1.2 percent year-on-year in March 2018, slightly above the previous month's figure of 1.1 percent. Prices rose at a faster pace for food & non-alcoholic beverages, transport and restaurants & hotels, while housing inflation eased.

Year-on-year, prices rose at a faster pace for: food & non-alcoholic beverages (1.4 percent vs 0.9 percent in February); transport (1.4 percent vs 1.1 percent); restaurants & hotels (2.2 percent vs 2.1 percent); recreation & culture (1 percent vs 0.6 percent); and clothing & footwear (0.7 percent vs 0.6 percent). Meanwhile, inflation slowed for housing & utilities (1 percent vs 1.4 percent); and miscellaneous goods & services (0.7 percent vs 0.8 percent).

Annual core inflation, which excludes volatile items such as food and energy, rose to 1.2 percent in March from 1.1 percent in the previous month. It was the highest core inflation since last September.

On a monthly basis, consumer prices edged up 0.1 percent, the same pace as in February. Prices rose mostly for clothing & footwear (4.3 percent); restaurants & hotels (0.6 percent) and recreation & culture (0.4 percent).

The harmonised index of consumer prices advanced 1.3 percent from the previous year and 1.2 percent month-over-month.


Tuesday March 27 2018
Spain March Inflation Rate Weaker than Expected
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spain's consumer price inflation is expected to pick up to 1.2 percent year-on-year in March 2018 from 1.1 percent in the previous month, but missing market expectations of 1.5 percent. Upward pressure should come from food and non-alcoholic beverages, and tourist services due to Holy Week.

On a monthly basis, consumer prices should rise by 0.1 percent in March, the same pace as in February.

The harmonized consumer price index is expected to increase by 1.3 percent year-on-year (vs 1.2 percent in February) and to jump by 1.2 percent from the previous month (vs 0.1 percent in February).


Wednesday March 21 2018
Spain Posts Largest Trade Gap for January Since 2011
Mineco | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The Spanish trade deficit increased 15.5 percent to EUR 3.94 billion in January of 2018 from EUR 3.13 billion in the same month a year ago. It was the biggest trade shortfall for a January month since 2011. Imports soared 8.9 percent to EUR 26.77 billion while exports rose at a slower 6.5 percent to EUR 22.83 billion, both record highs for a January month.

Year-on-year, imports surged 8.9 percent to a record high for a January month of EUR 26.77 billion, mainly due to purchases of equipment goods (3.7 percent); energy products (15.1 percent); chemical products (13.1 percent) and automotive products (9.7 percent), mostly vehicles and motorbikes (18.5 percent).

Imports from the EU, which accounted for 51.5 percent of total purchases, rose 8 percent: imports from the euro zone climbed 10.5 percent while the ones from the rest of the European Union fell 1.5 percent. Among biggest import partners, purchases advanced from Germany (14.2 percent); France (8.6 percent) and Italy (17.6 percent). Outside the EU, purchases increased 9.9 percent, namely those from China (10 percent); Brazil (111 percent); Saudi Arabia (30.8 percent) and India (1.1 percent) while they fell from the US (6.1 percent).

Exports rose 6.5 percent to a record high for a January month of EUR 22.83 billion, boosted by sales of equipment goods (4.3 percent); food, beverages and tobacco (0.4 percent); automotive products (3.3 percent), only parts (15.3 percent) and chemical products (8.6 percent).

Exports to the EU, which accounted for 68 percent of total sales, grew 6.7 percent year-on-year: sales to the euro zone increased 6.1 percent and those to the rest of the European Union went up 8.9 percent. Among major trading partners, shipments advanced to Portugal (17.6 percent); the United Kingdom (6.4 percent); Germany (5.7 percent) and France (3.2 percent).  Meantime, sales to third countries went up 6 percent, namely those to the United States (0.6 percent); China (3.3 percent) and Mexico (29.9 percent).


Tuesday March 13 2018
Spain February Inflation Rate Confirmed at 1.1%
INE | Stefanie Moya | stefanie.moya@tradingeconomics.com

Consumer prices in Spain rose 1.1 percent year-on-year in February of 2018, following a 0.6 percent gain in the previous month and in line with market expectations. Cost advanced faster mostly due to higher prices of electricity compared to a drop in the same month a year earlier.

Year-on-year, prices rebounded for housing and utilities (1.4 percent compared to -2.0 percent in January), boosted by electricity prices and recreation and culture (0.6 percent compared to -0.5 percent). Additionally, cost increased further for restaurants and hotels (2.1 percent compared to 2.0 percent); miscellaneous goods and services (0.8 percent compared to 0.4 percent) and clothing and footwear (0.6 percent compared to 0.5 percent). Also, cost went up faster for communications (2.3 percent compared to 0.9 percent) and alcoholic beverages and tobacco (1.4 percent compared to 1.3 percent) and prices were flat for furnishings, household equipment and routine maintenance of the house after a 0.3 percent drop in January. Meantime, prices slowed for food and non-alcoholic beverages (0.9 percent compared to 1.3 percent); transport (1.1 percent compared to 1.8 percent) and health (0.2 percent compared to 0.3 percent). In addition, inflation was steady for education (0.7 percent, the same pace as in January).

Annual core inflation, which excludes volatile items such as food and energy, rose 1.1 percent in February, following a 0.8 percent in the prior month.

On a monthly basis, consumer prices increased 0.1 percent, unrevised from the preliminary estimate and after a 1.1 percent fall. Prices rose mostly for recreation and culture (1.4 percent); communications (1.9 percent) and restaurants and hotels (0.5 percent).

The harmonised index of consumer prices advanced 1.2 percent from the previous year and 0.1 percent month-over-month.


Thursday March 01 2018
Spain Q4 GDP Growth Confirmed at 0.7%
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Spanish economy grew by 0.7 percent on quarter in the three months to December 2017, in line with the preliminary estimate and following a downwardly revised 0.7 percent expansion in the previous period.

It was the 17th straight quarter of growth after a five-year financial crisis that ended in 2013.

On the expenditure side, net external demand contributed positively to GDP growth as exports rose 0.3 percent (vs 0.6 percent in Q3) while imports were unchanged from the previous period (vs 1 percent in Q3).

Gross fixed capital formation increased 0.7 percent after a 1.4 percent rise in the third quarter, as investment in intellectual property prducts dropped 0.5 percent (vs 1.7 percent in Q3) while that in equipment goods went up at a slower 0.9 percent (vs 2.8 percent in Q3). Meanwhile, investment in construction rose faster (1 percent vs 0.2 percent in Q3). Household consumption grew 0.6 percent, compared with 0.7 percent in the previous period; and government spending rose 0.4 percent, the same pace as in the third quarter.

On the production side, services sector growth eased to 0.4 percent from 0.7 percent in the previous three-month period, while output expanded at faster rate for both industry (1.8 percent vs 0.6 percent in Q3) and construction (1.5 percent vs 1.1 percent).

On an annual basis, the economy grew by 3.1 percent in the fourth quarter, unchanged from the previous period and in line with earlier estimates.

In 2017, the economy expanded by 3.1 percent after a revised annual growth rate of 3.3 percent in 2016.