Tuesday November 14 2017
Spain Inflation Rate Confirmed at 1.6% in October
National Statistics Institute (INE) l Chusnul Ch Manan | chusnul@tradingeconomics.com

Consumer prices in Spain increased 1.6 percent year-on-year in September of 2017, easing from 1.8 percent in the previous month and in line with the preliminary estimate. Prices rose at a slower pace for transport and housing and utilities.

Year-on-year, consumer prices advanced slower for transport (2.2 percent from 3.4 percent), particularly fuel; housing & utilities (2.2 percent from 2.9 percent); recreation & culture (1.5 percent from 1.8 percent); clothing & footwear (0.5 percent from 0.6 percent); health (0.5 percent from 0.8 percent); hotels, cafes & restaurants (2.1 percent from 2.3 percent), and communications (0.6 percent from 0.7 percent).
 
Prices went up at a faster pace for both food & non-alcoholic beverages (2.3 percent from 1.2 percent in September) and alcoholic beverages & tobacco (1.8 percent from 1.7 percent).  
Meantime, cost rose at the same pace for both miscellaneous goods & services (0.5 percent) and education (0.8 percent).
 
Annual core inflation, which strips out volatile food and energy prices, was 0.9 percent, compared to a 1.2 percenrt rise in September.
 
On a monthly basis, consumer prices went up 0.9 percent, accelerating from a 0.2 percent gain in the prior month.
 
The EU-harmonised index rose 1.7 percent compared to a year earlier in October, following a 1.8 percent increase in September and in line with preliminary estimate. Compared to the previous month, the index went up 0.6 percent, the same pace as in September and matching the preliminary estimate.
 
 




Monday October 30 2017
Spain Inflation Rate Slows to 1.6% in October
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Consumer prices in Spain are expected to rise 1.6 percent year-on-year in October of 2017, easing from a 1.8 percent gain in September and missing market expectations of 1.7 percent. Cost of fuels, namely diesel and gasoline advanced at a softer pace.

On a monthly basis, consumer prices are expected to went up 0.9 percent after a 0.2 percent increase in September.

The EU-harmonized index is expected to advance 1.7 percent compared to a year ago, following a 1.8 percent rise in September and matching market expectations. Compared to the previous month, the index is expected to increase 0.6 percent.


Monday October 30 2017
Spanish Economy Grows 0.8% in Q3
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Spanish economy advanced by 0.8 percent on quarter in the three months to September 2017, in line with market expectations and following a 0.9 percent expansion in the previous period, the preliminary estimate showed.

It was the 16th straight quarter of growth after a five-year financial crisis that ended in 2013.

On an annual basis, the economy grew by 3.1 percent in the third quarter, unchanged from the previous period, and below market consensus of 3.2 percent.




Thursday October 26 2017
Spain Jobless Rate Falls to a New 2008 Low of 16.38%
INE | Joana Taborda | joana.taborda@tradingeconomics.com

The unemployment rate in Spain went down to 16.38 percent in the third quarter of 2017 from 17.22 percent in the previous period. It is a new low since the last three months of 2008 when the jobless rate was 13.79 percent. Among regions, Balearic Islands have the lowest jobless rate (9.25 percent) while Melilla (26.16 percent) and Andalusia (25.41 percent) recorded the highest. In Catalonia, the unemployment rate was 12.54 percent and in Madrid it was slightly lower at 12.35 percent.

Considering the whole country, the number of jobless people fell by 182.6 thousand to 3.731 million, also the lowest since the last quarter of 2008. Unemployment went down in services (-96.8 thousand) and industry (-15.6 thousand) but rose in agriculture (+29.1 thousand) and in construction (+4.2 thousand).  

The number of employed increased by 235.9 thousand to 19.049 million, the highest since the third quarter of 2009. Job gains were seen in ises in services (+236.4 thousand), industry (+34.1 thousand) and construction (+21 thousand). In contrast, employment fell in agriculture (-33.2 thousand). By region, the largest increases were seen in Valencia (+47.4 thousand), Catalonia (+46.1 thousand) and Madrid (+40.2 thousand). Employment increased in by 177.6 thousand in the private sector and by 58.3 thousand in the public. 

The number of active people increased by 53.3 thousand to 22.780 million, bringing the labour force participation rate up to 58.82 percent from 58.83 percent.




Friday October 20 2017
Spain Trade Gap Widens 26% YoY in August
Mineco |Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Spain's trade deficit increased to EUR 3.23 billion in August of 2017 from EUR 2.56 billion in the corresponding month a year ago. It was the largest trade gap for a August month since 2011, as imports surged 11.2 percent year-on-year to EUR 22.46 billion while exports rose at a slower 9 percent to EUR 19.24 billion. Considering the January to August period, the trade gap broadened 49.3 percent to EUR 16.41 billion, as imports grew faster than exports.

Imports jumped 11.2 percent to EUR 22.46 billion in August of 2017, mainly boosted by purchases of equipment goods (18.8 percent); consumer goods (4.5 percent); chemicals (9.3 percent); food, beverages and tobacco (10.1 percent) and energy (17.2 percent). Imports from the EU, which accounted for 50 percent of total purchases, rose 8 percent, as imports from the euro zone went up 8.4 percent and the ones from the rest of the European Union grew 9.6 percent. Among major trading partners, imports rose from Germany (15.6 percent); France (6 percent); Italy (4.6 percent); the Netherlands (8.3 percent) and Portugal (5.6 percent). Outside the EU, purchases increased 14.6 percent, namely from China (6.4 percent); the US (17.5 percent); Turkey (32.4 percent); Morocco (24.3 percent); Brazil (19.2 percent) and Mexico (9.2 percent).

Exports advanced 9 percent to a record high of EUR 19.24 billion in August of 2017, driven by sales of equipment goods (20.5 percent); food, beverages and tobacco (0.5 percent); chemicals (4.9 percent) and consumer goods (9.4 percent). Exports to the EU, which accounted for 61.8 percent of total sales, expanded 6.5 percent year-on-year, as sales to the euro zone rose 6.7 percent and those to the rest of the European Union increased 5.6 percent. Among major trading partners, exports grew to France (9.1 percent); Germany (8.9 percent); Portugal (4.5 percent) but declined to Italy (-6 percent) and to the United Kingdom (-3.4 percent). Outside the EU, increases were recorded to Australia (172.8 percent); China (28 percent); Japan (14 percent); Morocco (21.3 percent), the US (18.9 percent); Argentina (38.4 percent); Mexico (18.3 percent); Brazil (14 percent) and Chile (7.3 percent).

Spain recorded a EUR 0.67 billion trade surplus with the EU, lower than a EUR 0.77 billion trade surplus in the same month a year earlier. With non-EU countries, the trade deficit widened 16.8 percent year-on-year to EUR 3.89 billion.




Wednesday October 11 2017
Spanish Inflation Rate Confirmed at 4-Month High of 1.8%
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Consumer prices in Spain increased 1.8 percent year-on-year in September of 2017, accelerating from 1.6 percent in the previous month and in line with the preliminary estimate. It is the highest inflation rate since May, mainly boosted by rising prices of food and transport.

Year-on-year, consumer prices advanced faster for food & non-alcoholic beverages (1.2 percent from a flat reading in August), namely fruits and vegetables and transport (3.4 percent vs 3.3 percent), particularly fuel. Additional upward pressure came from: recreation & culture (1.8 percent vs 0.7 percent); clothing & footwear (0.6 percent vs 0.5 percent) and health (0.8 percent vs 0.7 percent).

Meantime, cost rose at the same pace for hotels, cafes & restaurants (2.3 percent); alcoholic beverages & tobacco (1.7 percent) and communications (0.7 percent) while slowed for housing & utilities (2.9 percent vs 3.3 percent); miscellaneous goods & services (0.5 percent vs 0.6 percent) and education (0.8 percent vs 1 percent).

Annual core inflation, which strips out volatile food and energy prices, was 1.2 percent, remaining at the same level as in August.

On a monthly basis, consumer prices edged up 0.2 percent, the same pace as in the previous month.

The EU-harmonised index rose 1.8 percent compared to a year earlier in September, following a 2 percent increase in August and lower than a preliminary estimate of 1.9 percent. Compared to the previous month, the index went up 0.6 percent, higher than 0.2 percent in August and matching the preliminary estimate.


Thursday September 28 2017
Spanish Inflation Rate Rises to 4-Month High in September
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spanish consumer prices are expected to rise by 1.8 percent year-on-year in September 2017 after an increase of 1.6 percent in the previous month, in line with market expectations. It was the highest inflation rate since May, mainly due to rising prices of food and non-alcoholic beverages.

On a monthly basis, consumer prices are expected to increase by 0.2 percent, the same pace as in August.

The EU-harmonised index is expected to rise by 1.9 percent compared to a year earlier in September, following a 2 percent gain in August and missing market expectations of 2 percent. Compared to the previous month, the index is expected to rise by 0.6 percent after an increase of 0.2 percent in August.


Friday September 22 2017
Spain Trade Gap Widens Sharply in July
Mineco |Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Spain's trade deficit increased to EUR 2.10 billion in July of 2017 from EUR 0.56 billion in the corresponding month a year earlier. Exports increased 3.9 percent year-on-year to EUR 22.19 billion while imports rose at a faster 10.8 percent to EUR 24.29 billion. Considering the January to July period, the trade deficit jumped 56.3 percent to EUR 13.19 billion, as imports grew quicker than exports.

Exports rose 3.9 percent to a record high of EUR 22.19 billion in July of 2017. The main contributions to export growth came from non-chemical semi-manufactures (1.4 points); consumer goods (1.1 points); chemicals (1 point) and energy products (0.8 points). The only sectors with a significant negative impact were the vehicles (-1 points); other goods (-0.4 points) and raw materials (-0.3 points). Exports to the EU, which accounted for 63.5 percent of total sales, rose 1 percent year-on-year, as sales to the euro zone increased 3.7 percent while those to the rest of the European Union fell 8.1 percent. Among major trading partners, sales grew to France (6.2 percent); Germany (4.3 percent); Italy (1.7 percent) and Portugal (4.1 percent), but declined to the United Kingdom (-20.2 percent). Outside the EU, increases in exports were recorded to Argentina (57.5 percent); Saudi Arabia (25.9 percent); Morocco (19.5 percent); the United States (14.2 percent); Chile (10.1 percent); China (8.8 percent) and Mexico (4.6 percent). In contrast, sales went down to Canada (-28.6 percent) and Australia (-9 percent).

Imports advanced at a faster 10.8 percent to EUR 24.29 billion in July of 2017 from EUR 21.93 billion a year ago. The main contributions to import growth came from: energy products (2.8 points); food, beverages and tobacco (1.7 points); vehicles (1.6 points) and non-chemical semi-manufactures (1.3 points). On the other hand, the only sector with a significant negative impact was other goods (-0.3 points). Imports from the EU, which accounted for 54.2 percent of total purchases, rose 5.8 percent, as imports from the euro zone grew 6.9 percent while the ones from the rest of the European Union advanced 1.1 percent. Among biggest trading partners, purchases increased mostly from China (16.5 percent); France (10.6 percent ); Germany (8.6 percent) and Nigeria (107 percent). Conversely, imports fell from Portugal (-8.6 percent) and Russia (-24.6 percent).

Spain recorded a EUR 0.94 billion trade surplus with the EUR, lower than a EUR 1.53 billion trade surplus a year earlier. With non-EU countries, the trade deficit widened 45.8 percent year-on-year to EUR 3.04 billion.


Wednesday September 13 2017
Spain Inflation Rate Confirmed at 3-Month High of 1.6%
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Consumer prices in Spain increased 1.6 percent year-on-year in August of 2017, following a 1.5 percent rise in the previous month and in line with the preliminary estimate. It is the highest inflation rate in three months, mainly due to rising transport prices, namely fuel.

Year-on-year, consumer prices rose faster for: transport (3.3 percent vs 2.4 percent in July), namely fuels (7 percent vs 3.7 percent); housing and utilities (3.3 percent vs 3.2 percent); hotels, cafes and restaurants (2.3 percent vs 2.1 percent) and clothing and footwear (0.5 percent vs 0.4 percent).

On the other hand, cost was unchanged for food and non-alcoholic beverages (from 0.1 percent) while slowed for recreation and culture (0.7 percent vs 1.2 percent); miscellaneous goods and services (0.6 percent vs 1 percent) and communication (0.7 percent vs 1.5 percent). Also, prices fell less for furniture and household equipment (-0.5 percent vs -0.6 percent).

Annual core inflation, which strips out volatile food and energy prices, was 1.2 percent, lower than 1.4 percent a month earlier.

On a monthly basis, consumer prices went up 0.2 percent, compared to a 0.7 percent decrease in the preceding month.

The EU-harmonised index rose 2.0 percent year-on-year, higher than 1.7 percent in July. The monthly rate edged up 0.2 percent compared to a 1.2 percent drop in July.



Wednesday August 30 2017
Spain Inflation Rate Picks Up to 1.6% in August
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Consumer prices in Spain are expected to increase 1.6 percent year-on-year in August 2017, following a 1.5 percent rise in the previous month and below market expectations of 1.7 percent. It is the highest inflation rate in three months, mainly due to a surge in fuel prices, namely diesel and gasoline.

On a monthly basis, consumer prices are expected to went up 0.2 percent, compared to a 0.7 percent decrease in the preceding month.

The EU-harmonised index is expected to rise 2 percent year-on-year in August,  higher than 1.7 percent in July and beating expectations of a 1.8 percent gain. Compared to the previous month, the index is expected to advance 0.2 percent.