Friday September 21 2018
Spain Trade Gap Widens 54.7% YoY in July
Mineco | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The Spanish trade deficit increased to EUR 3.25 billion in July 2018 from EUR 2.10 billion in the corresponding month of the previous year, as imports grew faster than exports.

Imports increased 13.6 percent to EUR 27.60 billion in July 2018 from EUR 24.29 a year earlier, mainly due to purchases of energy products (31.6 percent); capital goods (11.5 percent) and chemical products (12.1 percent).

Among major trade partners, imports grew mainly from Germany (13.1 percent), France (9.7 percent), Italy (6.5 percent), Portugal (3.8 percent), the Netherlands (3.8 percent) and the UK (3.4 percent).

Exports advanced at a slower 9.8 percent to EUR 24.35 billion from EUR 22.19 billion in the previous year, boosted by sales of of energy products (54.8 percent); capital goods (8.8 percent); raw materials (73.0 percent); non-chemical semi-manufactured products (7.0 percent) and food, beverages and tobacco (3.2 percent).

Among major trade partners, exports went up to France (15.3 percent), Germany (9.8 percent), Italy (7.8 percent), Portugal (7.4 percent) and to the UK (6.6 percent).

Considering the January to July period of 2018, the trade gap widened by 35.2 percent from the previous year to EUR 17.83 billion, as purchases soared 6.2 percent to EUR 187.10 billion and exports rose 3.8 percent to EUR 169.27 billion.




Wednesday September 12 2018
Spain Annual Inflation Rate Confirmed at 2.2% in August
INE | Stefanie Moya | stefanie.moya@tradingeconomics.com

The annual inflation rate in Spain increased 2.2 percent in August of 2018, unchanged from the previous month, matching the preliminary estimate and in line with market consensus. Prices rose faster mainly due to food and non-alcoholic beverages and housing.

Year-on-year, cost advanced further for food & non-alcoholic beverages (2.0 percent compared to 1.8 percent in July), namely fruits; housing (4.3 percent compared to 3.7 percent); mostly due to higher cost of electricity and miscellaneous goods & services (1.0 percent compared to 0.9 percent). Meanwhile, prices slowed for transport (5.2 percent compared to 5.9 percent); restaurants & hotels (1.8 percent compared to 2.0 percent); clothing & footwear (0.9 percent compared to 1.0 percent); health (a flat reading compared to 0.1 percent) and communications (2.6 percent compared to 2.7 percent). Additionally, cost of recreation & culture declined faster (-1.1 percent compared to -0.6 percent). Also, inflation was steady for furnishings (at 0.3 percent, the same as in July) and education (at 0.8 percent).

Annual core inflation, which excludes volatile items such as food and energy, fell to 0.8 percent in Agust from 0.9 percent in July.

On a monthly basis, consumer prices went up 0.1 percent, rebounding from a 0.7 percent fall in the prior month, lower than a preliminary estimate of 0.2 percent and below market expectations of a 0.2 percent gain.  Positive contributions came mainly from housing (0.6 percent); recreation & culture (0.7 percent); restaurants & hotels (0.2 percent) and transport (0.2 percent).

The harmonized index of consumer prices rose 2.2 percent year-on-year, easing from a 2.3 percent increase in July and advanced 0.1 percent from the prior month.




Thursday August 30 2018
Spain Annual Inflation Rate Steady at 2.2% in August
INE | Stefanie Moya | stefanie.moya@tradingeconomics.com

The annual inflation rate in Spain rose 2.2 percent in August of 2018, unchanged from the previous month and in line with market expectations, the preliminary estimate showed. Main upward pressure came from higher cost of electricity.

On a monthly basis, consumer prices are expected to increase 0.2 percent, following a 0.7 percent fall in July.

The EU-harmonised index went up 2.2 percent year-on-year, easing from a 2.3 percent gain in the prior month and slightly below market consensus of 2.3 percent, the preliminary figures showed. Compared to the previous month, the index is expected to rise 0.1 percent, after a 1.2 percent decrease in July. 


Thursday August 23 2018
Spanish Trade Gap Widens in June
Ministerio de Industria, Comercio y Turismo | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Spanish trade deficit widened sharply to EUR 2.45 billion in June 2018 from EUR 1.26 billion in the same month a year earlier.

Exports increased 3.1 percent to EUR 24.72 billion in June from EUR 23.98 billion a year earlier, boosted by sales of energy products (17.3 percent), mainly oil & by-products (20.8 percent); chemicals (6.4 percent), in particular organic chemicals (25.7 percent) and essential oils & perfumes (10.5 percent); non-chemical semi-manufactured products (7.3 percent), in particular iron & steel (10.8 percent), paper (9.8 percent) and non-ferrous metals (5.5 percent); and capital goods (2.1 percent), of which electrical machinery (5.3 percent), transport equipment (6.3 percent) and equipment for the industry (3.2 percent). By contrast, there was a decline in exports of food, beverages and tobacco (-1.5 percent) and consumption goods (-1.3 percent). 

Among major trade partners, exports rose to Portugal (2.7 percent), Germany (10.7 percent), France (1.5 percent), Italy (3.6 percent), the UK (1.2 percent), the US (25.7 percent), Algeria (32 percent) and Morocco (3.8 percent); but fell to the UAE (-4.5 percent), Malaysia (-15 percent) and Canada (-14.3 percent).

Imports rose at a faster 7.7 percent to EUR 27.17 billion in June from EUR 25.24 billion in the previous year, mainly due to purchases of energy products (20.9 percent), in particular oil & by-products (28.1 percent); vehicles (7.7 percent), of which parts & accessories (8.4 percent) and cars & motorcycles (7 percent); capital goods (5.2 percent), mainly electrical machinery (21.8 percent), equipment for the industry (10.1 percent) and office & telecommunication equipment (5.3 percent); and chemical products (4.4 percent), in particular medicines (6.5 percent). Imports of consumption goods, however, dropped 4 percent mainly due to a 5.6 percent decline in purchases of textiles.

Among major trade partners, imports grew from Germany (6.2 percent), France (10.2 percent), Portugal (14 percent), the UK (1.4 percent), China (3.1 percent), Saudi Arabia (83.1 percent), Iran (96.4 percent), Turkey (6 percent), Morocco (9.9 percent), Mexico (40.3 percent), Chile (116.4 percent); but dropped from the US (-11.5 percent), Italy (-1.5 percent) and India (-6.1 percent).

In the first half of the year, the trade gap widened 31.5 percent from the previous year to EUR 14.59 billion, as imports jumped 5 percent to EUR 159.50 billion and exports increased 2.9 percent to EUR 144.92 billion.


Tuesday August 14 2018
Spain Inflation Rate Confirmed at 2.2% in July
INE | Stefanie Moya | stefanie.moya@tradingeconomics.com

The annual inflation rate in Spain fell to 2.2 percent in July of 2018 from 2.3 percent in the previous month, matching the preliminary estimate and in line with market expectations. Prices slowed mainly due to food and non-alcoholic beverages and transport.

Year-on-year, cost eased for food & non-alcoholic beverages (1.8 percent compared to 2.5 percent in June), namely fish & seafood, oil & fats and fruits; transport (5.9 percent compared to 6.1 percent), mostly due to air transportation and fuels & lubricants and health (0.1 percent compared to 0.2 percent). Also, prices of recreation & culture dropped (-0.6 percent compared to 0.6 percent). On the other hand, cost increased faster for housing & utilities (3.7 percent compared to 2.6 percent); restaurants & hotels (2.0 percent compared to 1.7 percent); clothing & footwear (1.0 percent compared to 0.9 percent); furnishings (0.3 percent compared to 0.1 percent); education (0.8 percent compared to 0.7 percent) and communications (2.7 percent compared to 2.2 percent). Additionally, inflation was steady for miscellaneous goods & services (0.9 percent).

Annual core inflation, which excludes volatile items such as food and energy, rose 0.9 percent in July, after a 1.0 percent gain in June.

On a monthly basis, consumer prices decreased 0.7 percent, in line with the preliminary figure and the same as market consensus. Negative contributions came mostly from clothing and footwear (-12.6 percent), food and non-alcoholic beverages (-0.7 percent), furnishings (-0.8 percent) and transport (-0.2 percent).

The harmonized index of consumer prices went up 2.3 percent year-on-year, unchanged from June and declined 1.2 percent from the previous month.


Tuesday July 31 2018
Spain GDP Growth Weakest Since 2014
INE | Stefanie Moya | stefanie.moya@tradingeconomics.com

The Spanish economy grew 0.6 percent on quarter in the three months to June 2018, easing from a 0.7 percent expansion in the previous period and below market expectations of 0.7 percent, the preliminary figure showed. It was the lowest growth rate since the second quarter of 2014.

Year-on-year, the GDP expanded by 2.7 percent in the second quarter of the year, slowing from a 2.8 percent increase in the previous period and missing market forecasts of 2.8 percent. It was the weakest annual growth rate in nearly four years. According to preliminary estimates domestic demand made the biggest contribution (2.9 percentage points), higher than the previous quarter (2.8 percentage points in Q1). Meantime, the external demand had a negative contribution of 0.2 percentage points, after adding 0.2 percentage points in the prior period.




Monday July 30 2018
Spain Inflation Rate Eases to 2.2% YoY in July
INE | Stefanie Moya | stefanie.moya@tradingeconomics.com

The annual inflation rate in Spain fell to 2.2 percent in July of 2018 from 2.3 percent in June and below market expectations of 2.3 percent, the preliminary estimate showed. A slowdown was mainly due to lower prices of food and non-alcoholic beverages.

On a monthly basis, consumer prices are expected to decrase 0.7 percent, after a 0.3 percent gain in the previous month. 

The EU-harmonised index rose 2.3 percent year-on-year, unchanged from the prior month and slightly below market consensus of 2.4 percent, the preliminary figures showed. Compared to the previous month, the index is expected to drop 1.2 percent, following a 0.2 percent increase in June. 


Thursday July 26 2018
Spain Jobless Rate Lowest in Near 10 Years
INE | Joana Taborda | joana.taborda@tradingeconomics.com

The unemployment rate in Spain fell to 15.28 percent in the second quarter of 2018 from 16.7 percent in the previous period and below market expectations of 15.8 percent. It is the lowest jobless rate since the last three months of 2018. Among regions, the highest rates were recorded in Ceuta (29.5 percent), Melilla (28 percent), Estremadura (23.9 percent) and Andalusia (23.1 percent) and the lowest in Navarra (9.9 percent) and Aragon (9.9 percent). In Catalonia, unemployment rate was 11.4 percent and in Madrid 12.1 percent.

The number of unemployed people fell by 306,000 to 3.490 million, with the highest declines seen in Andalusia (-65,400), Madrid (-45,900) and Valencia (32,600). By age, most declines were seen for those aged 25-54 (-271,600) and those with more than 55 (-41,800). On the other hand, unemployment among people aged 16-24 went up by 7,400. 

Employment increased by 469,900 thousand to 19.344 million, the biggest quarterly gain ever in employment. Job gains were seen in services (+371,400), construction (+63,400) and industry (+46,400) while the agricultural sector lost 11,300 jobs. Employment in the private sector went up by 457,800 to 16.226 million and the public one by 12,100 to 3.117 million. Among regions, Illes Balears (+85,400), Andalusia (+64,700) and Catalonia (+57,200) added the most jobs. 

The number of active people rose by 163,900 thousand to 22.834 million.




Friday July 20 2018
Spanish Trade Deficit Widens in May
Mineco | Stefanie Moya | stefanie.moya@tradingeconomics.com

The Spanish trade deficit increased 50.3 percent to EUR 2.15 billion in May of 2018 from EUR 1.43 billion in the same month a year ealier, as exports dropped 0.2 percent while imports rose 2.5 percent.

Exports fell 0.2 percent year-on-year to EUR 25.31 billion in May from EUR 25.36 billion a year earlier. The main contributors to the decrease in exports were: capital goods (-1.6 points); automobile sector (-0.3 points) and manufactured goods (-0.3 points).

Exports to the EU went up 0.2 percent, as an increase of 1.2 percent to the euro zone while the sales to the rest of Europe edged down by 3.3 percent. Among major trading partners exports declined for the UK (-12.2 percent), Germany (-5.9 percent) and France ( -1.5 percent)  

Imports advanced 2.5 percent year-on-year to EUR 27.46 billion in May from EUR billion in the same month a year ago.

Considering the first five months of the year, the trade gap widened 23.5 percent to EUR 12.14 billion, as exports rose 2.8 percent to EUR 120.19 billion and imports advanced 4.4 percent to EUR 132.33 billion.


Friday July 13 2018
Spain Inflation Rate Confirmed at 14-Month High in June
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Spain's annual inflation increased to 2.3 percent in June 2018, matching the preliminary estimate and compared to 2.1 percent in May. It remained at its highest level since April 2017.

Year-on-year, inflation quickened for transport (6.1 percent vs 5.1 percent in May), namely fuels (11.9 percent vs 9.2 percent); food & non-alcoholic beverages (2.5 percent vs 2 percent), of which fresh fruit (14.1 percent vs 6.9 percent); fresh vegetables (6.0 percent vs 2.9 percent) and eggs (6.1 percent vs 5.9 percent) and housing & utilities (2.6 percent vs 2.3 percent). Meanwhile, prices softened for restaurants & hotels (1.7 percent vs 2 percent); recreation & culture (0.6 percent vs 0.8 percent); clothing & footwear (0.9 percent vs 1.0 percent) and communications (2.2 percent vs 2.4 percent). Also, inflation was steady for miscellaneous goods & services (0.9 percent); education (0.7 percent); health (0.2 percent) and furnishings (0.1 percent).

Annual core inflation, which excludes volatile items such as food and energy, eased slightly to 1.0 percent in June from 1.1 percent in the previous month.

On a monthly basis, consumer prices went up 0.3 percent, in line with a preliminary figure and compared to a 0.9 percent rise in May. Main positive contributions came from prices of fruit (6.3 percent), tourist packages (5.3 percent), electricity (1.5 percent), lubricants (0.8 percent), rents (2.2 percent) and fuels (4.0 percent). 

The harmonized index of consumer prices advanced 2.3 percent from the previous year (2.1 percent in May) and 0.2 percent month-over-month (0.9 percent in May).