Friday January 19 2018
Spanish Trade Gap Widens 30.1% in November
Mineco | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Spanish trade deficit widened 30.1 percent to EUR 1.62 billion in November 2017 from EUR 1.25 billion in the same month a year earlier.

Exports increased 7.9 percent to EUR 25.36 billion in November from EUR 23.51 billion a year earlier. The main contributions to export growth came from energy products (1.9 points), consumer goods (1.6 points), non-chemical semi-manufactured products (1.6 points) and chemicals (1.3 points). The only sector with a significant negative contribution was other merchandise (-0.3 points). 

Exports to the EU rose 5.8 percent year-on-year, as sales to the euro zone increased 4.4 percent and those to the rest of the European Union went up 11.4 percent. Among major trading partners, exports grew to Portugal (14.4 percent), Italy (7.8 percent), the UK (4.7 percent) and France (3.9 percent), while those to Germany fell 5.9 percent.

Imports jumped 9 percent to EUR 26.98 billion in November from EUR 24.75 billion a year earlier.

Considering January to November, the trade deficit jumped 39.2 percent to EUR 22.69 billion, as imports went up 11.1 percent to an all-time high of EUR 277.85 billion and exports increased 9.1 percent to EUR 255.16 billion, also a new record high for that period. 




Friday January 12 2018
Spain Inflation Rate Revised Down to 1.1%
INE | Joana Taborda | joana.taborda@tradingeconomics.com

Consumer prices in Spain increased 1.1 percent year-on-year in December of 2017, below a preliminary reading of 1.2 percent and 1.7 percent in November. It is the lowest inflation rate since November of 2016, mainly due to a slowdown in cost of fuels, electricity and heating oil.

Year-on-year, prices rose less mainly for transport (1.9 percent compared to 3.5 percent in November), mainly fuels; housing (1.3 percent compared to 2.5 percent), mainly electricity and diesel for heating; and food and non-alcoholic beverages (1.7 percent compared to 2.2 percent), mainly fruits and vegetables. Also, cost of recreation and culture declined 0.6 percent, following a 1.2 percent rise in November, mainly due to tourist packages. On the other hand, clothing andf footwear made the highest upward pressure, rising 0.5 percent, following a 0.4 percent increase in November. 

Annual core inflation, which strips out volatile food and energy prices, was steady at 0.8 percent.

Among regions, Melilla (1.4 percent) had the highest inflation rate and Ceuta, La Rioja, Murcia and Navarra the lowest (0.6 percent each). In Madrid, the inflation was 1.2 percent and in Catalonia it was also 1.2 percent. 

On a monthly basis, consumer prices were flat, compared to expectations of a 0.1 percent rise. 

The EU-harmonized index rose an annual 1.2 percent, below an earlier estimate of 1.3 percent and 1.8 percent in November. The monthly rate was also flat.




Friday December 29 2017
Spain Consumer Prices Rise the Least in Over 1 Year
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The Spanish consumer price index are expected to increase 1.2 percent year-on-year in December of 2017, easing from a 1.7 percent gain in November and below market expectations of 1.5 percent. It is the lowest inflation rate since November last year, mainly due to slowing prices of fuels (diesel and gasoline).

On a monthly basis, consumer prices are expected to went up 0.1 percent, easing from a 0.5 percent rise in the previous month.

The EU-harmonised index is expected to advance by 1.3 percent compared to a year earlier in December, following a 1.8 percent increase in November and missing market expectations of 1.5 percent. Compared to the previous month, the index is expected to rise 0.1 percent, after an increase of 0.3 percent in November.


Friday December 22 2017
Spanish Trade Deficit for October Month Highest in 6 Years
Mineco | Joana Taborda | joana.taborda@tradingeconomics.com

The Spanish trade deficit increased to EUR 2.51 billion in October of 2017 from a EUR 1.8 billion gap a year earlier. It is the highest trade shortfall for an October month since 2011 as imports expanded faster than exports.

Exports increased 11.2 percent year-on-year to EUR 24.24 million, mainly due to sales of energy products; chemicals; capital goods and non-chemical semi-manufactures. On the other hand, negative contributions came from other goods and autos. Shipments rose 9.5 percent to the EU, namely France (8.9 percent), Italy (8.6 percent) and Germany (6.3 percent) while those to the UK fell 1 percent. 

Among regions, the highest increases in exports were recorded for Canarias (32.3 percent), Andalucia (22.8 percent) and Extremadura (19.5 percent) while sales from Balearic Islands shrank 9 percent. Shipments from Catalonia which represented 26 percent of total sales increased 10.2 percent and made the biggest upward contribution to total exports growth. 

Imports increased 13.2 percent year-on-year to EUR 26.75 billion, mainly boosted by equipment goods (9.4 percent); chemicals (10.6 percent) and autos (14.6 percent). Purchases rose 10.6 percent from the EU. 

By region, the highest increases were seen in Andalucia (43.5 percent), Basque Country (25.1 percent) and Murcia (20.1 percent) while in Asturias purchases shrank 16.1 percent. The biggest contribution to import growth came from Andalucia and Catalonia (imports accounted for 27.6 percent of the total and rose 11.7 percent). 

Considering the first ten months of the year, exports increased 9.3 percent to EUR 229.8 billion, a new record for similar periods. Imports went up 11.3 percent to ER 250.87 billion. As a result, the country's trade gap increased 39.9 percent to EUR 21 billion. 


Thursday December 14 2017
Spain November Inflation Rate Revised Up to 1.7%
INE | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Consumer prices in Spain increased 1.7 percent year-on-year in November of 2017, compared to a 1.6 percent rise in the prior month and slightly above the preliminary estimate of 1.6 percent. Prices advanced quicker mainly for transport, namely due to fuels cost.

Year-on-year, consumer prices advanced faster for transport (3.5 percent from 2.2 percent in October), boosted by fuels (7.1 percent from 4.2 percent) and housing (2.5 percent from 2.2 percent). Meanwhile, cost slowed for food and non-alcoholic beverages (2.2 percent from 2.3 percent); hotels, cafes and restaurants (1.8 percent from 2.1 percent); recreation and culture (1.2 percent from 1.5 percent) and clothing and footwear (0.4 percent from 0.5 percent).

Annual core inflation, which strips out volatile food and energy prices, eased to 0.8 percent from 0.9 percent in October.

On a monthly basis, consumer prices went up 0.5 percent, easing from a 0.9 percent rise in the prior month.

The EU-harmonised index rose 1.8 percent compared to a year earlier in November, above 1.7 percent in the previous month and slightly higher than a preliminary estimate of 1.7 perent. Compared to the previous month, the index went up 0.3 percent after an increase of 0.6 percent in October.


Thursday November 30 2017
Spanish Q3 GDP Growth Rate Confirmed at 0.8%
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 the preliminary estimate and following a 0.9 percent expansion in the previous period. Net external demand had no contribution to growth, while fixed investment rose at a faster pace and household consumption remained solid.

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

Net external demand made no contribution to growth as both exports and imports were unchanged from the previous period. In the second quarter, it had contributed positively, with exports rising 0.1 percent and imports falling 0.7 percent.

Gross fixed capital formation increased 1.3 percent after a 0.6 percent gain in the second quarter, mainly boosted by stronger investment in equipment goods (2.5 percent from -0.1 percent in Q2) and intellectual property prducts (1.9 percent from 0.8 percent) while investment in construction rose at a softer pace (0.3 percent from 1 percent). Household consumption grew 0.7 percent, the same as in the previous period; and government spending rose 0.4 percent, also unchanged from the second quarter.

On the production side, services sector growth was steady at 0.8 percent while industry output expanded at softer rate (0.4 percent from 0.9 percent in Q2). Also construction output rose 1.1 percent, the same as in Q2; and agriculture advanced 1.2 percent, after showing no growth in the previous period.

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




Wednesday November 29 2017
Spanish Inflation Rate Holds Steady at 1.6% in November
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spanish consumer prices are expected to rise by 1.6 percent year-on-year in November 2017, the same pace as in the previous month and in line with market expectations. The biggest upward pressure came from higher prices of fuels, particularly diesel and gasoline.

On a monthly basis, consumer prices are expected to increase by 0.4 percent, easing from a 0.9 percent jump in October.

The EU-harmonised index is expected to rise by 1.7 percent compared to a year earlier in November, the same pace as in October and below market expectations of 1.9 percent. Compared to the previous month, the index is expected to rise by 0.3 percent after an increase of 0.6 percent in October.


Tuesday November 21 2017
Spain Trade Gap Narrows 3.7% YoY In September
Mineco | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Spain's trade deficit shortened to EUR 2.15 billion in September of 2017 from EUR 2.23 billion in the corresponding month of the previous year. Exports jumped 8.5 percent year-on-year to EUR 23.26 billion and imports advanced at a slower 7.4 percent to EUR 25.41 billion. Considering the January to September period, the trade gap widened 40.3 percent to EUR 18.56 billion, as imports grew faster than exports.

Exports jumped 8.5 percent year-on-year to a record high for a September month of EUR 23.26 billion, boosted by sales of equipment goods (20.7 percent); food, beverages and tobacco (2.2 percent); chemicals (4.2 percent) and manufactured consumer goods (5.1 percent). Meanwhile, declines were seen in sales of vehicles (-1.6 percent) and other products (-22.5 percent). Exports to the EU, which accounted for 67 percent of total sales, grew 7.5 percent year-on-year: sales to the euro zone rose 9.5 percent and those to the rest of the European Union increased 0.3 percent. Among major trading partners, exports went up to Germany (21.2 percent);  France (3.7 percent); Italy (4.2 percent); Portugal (8.6 percent) and to the United Kingdom by only 0.7 percent. Outside the EU, exports rose 10.6 percent, with main increases recorded to Morocco (39.6 percent); the US (12.3 percent); Mexico (18 percent) and China (15.8 percent).

Imports advanced at a slower 7.4 percent to EUR 25.41 billion in September of 2017, mainly driven by purchases of equipment goods (7.1 percent); chemicals (4.9 percent); consumer goods (2.9 percent) and vehicles (1 percent). Imports from the EU, which accounted for 55 percent of total purchases, rose a meager 0.5 percent: imports from the euro zone went up 2.4 percent while the ones from the rest of the European Union fell 6.7 percent. Among biggest import partners, purchases advanced from Germany (1 percent); France (3.7 percent) and Italy (11 percent). Outside the EU, purchases increased 17.1 percent, namely those from China (9.5 percent); the US (32.9 percent) and Nigeria (195.3 percent).

Spain recorded a EUR 1.62 billion trade surplus with the EU, higher than a EUR 0.60 billion trade surplus in the same month of 2016. With non-EU countries, the trade deficit widened 32.9 percent year-on-year to EUR 3.76 billion.


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.