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).




Thursday June 28 2018
Spain June Inflation Rate at 14-Month High
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Spain's annual inflation rate is expected to rise to 2.3 percent in June 2018 from 2.1 percent in the prior month, slightly above market expectations of 2.2 percent. It stood at its highest level since April 2017, mainly due to to rising cost of fuels, namely diesel and gasoline, compared to the drop seen in 2017, the preliminary figures showed.

On a monthly basis, consumer prices are expected to went up 0.3 percent, easing from a 0.9 percent increase in the previous month.

The EU-harmonised index edged up 2.3 percent year-on-year, following a 2.1 percent rise in May, in line with market expectations, the preliminary figures showed. Compared to the previous month, the index is expected to increase 0.2 percent, slowing from a 0.9 percent gain in May.


Monday June 25 2018
Spanish Trade Deficit Widens 154.4% YoY in April
Mineco | Agna Gabriel | agna.gabriel@tradingeconomics.com

The Spanish trade deficit widened by 154.4 percent to EUR 3.1 billion in April of 2018 from EUR 1.2 billion in the corresponding month of the previous year, as imports rose the most in 13 months and exports advanced 9.5 percent.

Imports jumped 17 percent year-on-year to EUR 26.91 billion in April from EUR 23 billion a year earlier, mainly due to higher purchases of capital goods (+13 percent); chemical products (+18.8 percent); energy (+19.1 percent), namely oil & related products (+35.9 percent); vehicles (+27.4 percent) and food, beverages & tobacco (+14.2 percent).

Among major trading partners, imports rose from Germany (5.8 percent); France (7.5 percent); China (+4.5 percent) and Italy (+6.7 percent). On the other hand, purchases declined from the United States (-6.5 percent).

Exports increased 9.5 percent year-on-year to EUR 23.86 billion in April from EUR 21.80 billion in the same month a year ago. The main contributors to the export growth were capital goods (+4.7 percent); food, beverages & tobacco (+5.4 percent); vehicles (+16.4 percent) and chemical products (+15 percent).

Shipments went up mainly from France (+5.7 percent); Germany (+9.7 percent); Italy (+7.5 percent) and Portugal (+5.8 percent).

Considering the first four months of the year, the trade deficit widened to EUR 9.98 billion, as imports picked up 4.9 percent to EUR 104.9 billion and exports advanced 3.7 percent to EUR 94.88 billion.




Wednesday June 13 2018
Spain Inflation Rate Revised Higher to Over 1-Year High
INE | Gabriela Costa | gabriela.costa@tradingeconomics.com

Spain's annual inflation rate went up to 2.1 percent in May 2018, above the preliminary estimate of 2 percent and the previous month's figure of 1.1 percent. It was the highest inflation rate since April 2017.

Year-on-year, prices rose at a faster pace for transport (5.1 percent vs 2 percent in April); housing & utilities (2.3 percent vs 0.8 percent); food & non-alcoholic beverages (2 percent vs 1.6 percent); restaurants & hotels (2 percent vs 1.6 percent); clothing & footwear (1 percent vs 0.8 percent); and miscellaneous goods & services (0.9 percent vs 0.8 percent). In addition, recreation & culture prices surged 0.8 percent, after a 1.4 percent drop in the previous month.

Annual core inflation, which excludes volatile items such as food and energy, rose to 1.1 percent in May from 0.8 percent in the previous month.

On a monthly basis, consumer prices increased 0.9 percent in May, after a 0.8 percent gain in April. Prices rose mostly for transport (1.8 percent), housing & utilities (1.8 percent), clothing & footwear (2.6 percent), food & non-alcoholic beverages (0.7 percent) and restaurants & hotels (0.4 percent).

The harmonised index of consumer prices advanced 2.1 percent from the previous year and 0.9 percent month-over-month.


Thursday May 31 2018
Spain GDP Growth Confirmed at 0.7% in Q1
INE | Joana Taborda | joana.taborda@tradingeconomics.com

The Spanish economy expanded 0.7 percent on quarter in the first three months of 2018, the same as in the previous period and in line with the preliminary reading. It marks the 18th straight quarter of solid growth after a five-year financial crisis that ended in 2013.

Household spending went up 0.7 percent, slightly higher than 0.6 percent in the last three months of 2016 and public expenditure rose 0.5 percent, following a 0.4 percent gain in Q4. Gross fixed capital formation advanced 0.8 percent after 0.7 percent in Q4, mainly driven by contruction (2.4 percent compared to 1 percent) and intellectual property products (1 percent compared to -0.5 percent) while investment in equipment goods declined (-1.6 percent compared to 0.9 percent). Both exports went (1.3 percent compared to 0.3 percent) and imports (1.3 percent compared to 0 percent) rebounded. 

Year-on-year, the GDP expanded 3 percent, better than a preliminary reading of 2.9 percent. Still, it is the lowest growth rate in a year. Domestic demand made the biggest contribution (2.8 percentage points), although it was lower than in the previous quarter (3.2 percentage points). The external demand contributed 0.2 percentage points to growth, after subtracting 0.1 percentage points in the previous period.




Wednesday May 30 2018
Spain Consumer Prices Rise the Most in Over a Year
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spain's consumer price inflation is expected to pick up to 2 percent year-on-year in May 2018 from 1.1 percent in the previous month, and above market expectations of 1.7 percent. It was the highest rate since April last year.

Fuel prices should rise, after a fall in the same month last year, and electricity costs are also expected to increase.

On a monthly basis, consumer prices should jump by 0.9 percent in May, following a 0.8 percent advance in April.

The harmonized consumer price index is expected to increase by 2.1 percent year-on-year (vs 1.1 percent in April) and to jump by 0.9 percent from the previous month (vs 0.8 percent in April).


Tuesday May 22 2018
Spanish Trade Gap Lowest in Over a Year
Mineco | Stefanie Moya | stefanie.moya@tradingeconomics.com

The Spanish trade deficit narrowed 43.1 percent to EUR 0.83 billion in March of 2018 from EUR 1.46 million in the same month a year earlier. It was the smallest trade gap since July of 2016, mainly due to seasonal effects as in 2018 Holy Week was in March while in 2017 took place in April. Exports dropped 2.4 percent year-on-year and imports declined 4.5 percent.

Exports fell 2.4 percent to EUR 25.61 billion in March of 2018 from EUR 26.23 billion in the same month a year ago. The main contributors to the decline in exports were food, beverages and tobacco (-1.1 points); chemical products (-0.9 points); capital goods (-0.8 points) and consumer goods (-0.6 percent). On the other hand, the sectors that contributed to export growth were energy (0.5 points); automobile (0.5 points) and non-chemical semi manufactures (0.3 points).

Exports to the EU increased 0.4 percent year-on-year and accounted for 67.7 percent of the total exports. Sales to the euro zone grew by 1.5 percent while to the rest of the European Union went down by 3.5 percent. Among the trading partners, exports rose to Germany (7 percent) and France (4.7 percent), but declined to the UK (-10.3 percent), Italy (-5.9 percent) and Portugal (-0.6 percent). 

Imports edged down 4.5 percent to EUR 26.44 billion in March from EUR 27.68 billion a year earlier.

Considering the first quarter of the year, the trade deficit widened 3.7 percent to EUR 6.93 billion, as imports picked up 1.3 percent to EUR 77.96 billion and exports jumped 1.8 percent to an all-time high of EUR 71.02 billion.


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.