Thursday May 25 2017
Spanish Q1 GDP Growth Confirmed At 0.8%
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Spanish economy grew by 0.8 percent on quarter in the three months to March of 2017, matching the flash estimate and following a 0.7 percent expansion in the fourth quarter. Fixed investment, government spending and exports were the main drivers of growth while household consumption advanced at a slower pace.

It was the 14th straight quarter of growth, after a five-year financial crisis that ended in 2013.

Gross fixed capital formation jumped 2 percent (0.5 percent in Q4 2016), boosted by strong investment in capital goods (3 percent after showing no growth in Q4), intellectual property (2.4 percent from 1.5 percent in Q4) and construction (1.1 percent from 0.7 percent in Q4). Also, government spending advanced 0.3 percent after falling by 0.2 percent in Q4, and private consumption went up 0.4 percent, easing from a 0.7 percent gain in the previous period. Net external demand contributed positively, as exports grew 4 percent (2 percent in Q4) while imports increased at a slower 3.8 percent (1.8 percent in Q4).

On the production side, the service sector expanded by 0.7 percent (0.5 percent in Q4), boosted by a rebound in financial and insurance activities (4.2 percent from -1.5 percent in Q4), and a further increase in information and communications (1.3 percent from 0.9 percent), real estate (0.6 percent from 0.5 percent) and public administration, health and education (0.3 percent from 0.2 percent). Industry output grew by 0.4 percent (1.3 percent in Q4), as manufacturing production rose by 0.6 percent (0.7 percent in Q4). Agriculture advanced by 2.2 percent after increasing by 3.8 percent in Q4.

On an annual basis, the economy grew by 3 percent in the first quarter, unchanged from the rate in the previous period and also in line with the preliminary estimate. Fixed investment expanded by 3.8 percent (2.2 percent in Q4); private consumption grew by 2.5 percent (3 percent in Q4); government spending edged up 0.1 percent (flat reading in Q4); and net external demand contributed positively, as exports jumped 8.4 percent (4.4 percent in Q4) and imports went up at a slower 6.4 percent (2.3 percent in Q4).

The economy grew 3.2 percent in 2016 and is expected to expand by 2.7 percent this year.




Tuesday May 23 2017
Spain Trade Gap Widens In March
Mineco | Yekaterina Guchshina | yekaterina@tradingeconomics.com

The trade gap in Spain increased to EUR 1.5 billion in March of 2017 from a EUR 0.8 billion deficit a year earlier. Exports jumped 16.9 percent to a record high of EUR 26.2 billion and imports rose at a faster 19.1 percent to all-time high of EUR 27.7 billion.

Exports went up 16.9 percent to a record high of EUR 26.2 billion, driven by sales of energy (52.6 percent); equipment (15.4 percent), food, beverages and tobacco (15.6 percent), autos (9.9 percent) and chemicals (15.3 percent). Exports increased to the European Union (14.5 percent), namely Italy (23.4 percent), France (11.6 percent) and Germany (14.2 percent). Outside the EU, shipments rose the most to the US (39.8 percent), China (35.5 percent), Japan (11.6 percent), Brazil (22.4 percent), Mexico (15.2 percent), Saudi Arabia (13.4 percent) and Australia (18.6 percent).

Imports advanced 19.1 percent to all-time high of EUR 27.7 billion, mainly led by purchases of energy (52.1 percent), equipment goods (17.4 percent), chemicals (18.9 percent),  non-chemical semi-manufactures (26.8 percent), autos (13.9  percent) and raw materials (44.4 percent). Imports increased to the European Union (14.4 percent), namely Italy (27.9 percent), France (9.7 percent), Germany (15.8 percent). Outside the EU, shipments rose the most to the US (30 percent), Turkey (27.4 percent), Japan (17.2 percent), Brazil (28.4 percent), Mexico (61.4 percent).

Spain recorded a EUR 1.9 billion trade surplus with the EU, higher than a EUR 1.6 billion surplus a year earlier. With non-EU countries, the trade deficit rose 37.8 percent year-on-year to EUR 3.3 billion.




Friday May 12 2017
Spain Inflation Rate Confirmed At 2.6% In April
INE |Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Spanish consumer prices rose 2.6 percent year-on-year in April, compared to a 2.3 percent increase in the previous month and marching preliminary estimates. Higher inflation rate was mainly driven by faster rise in cost of housing and utilities and cafes, hotels and restaurants and rebound in prices of recreation and culture.

Year-on-year, consumer prices advanced faster for housing (5.4 percent vs 4.3 percent in March), hotels, cafes and restaurants (2 percent vs 1.2 percent) and recovered for recreation and culture (3.4 percent vs -0.3 percent). Meanwhile, cost eased for transport (6.2 percent vs 6.5 percent) and food and non-alcoholic beverages (1.1 vs 1.4 percent).

Annual core inflation, which strips out volatile food and energy prices, was 1.2 percent, higher than 0.9 percent a month earlier.

On a monthly basis, consumer prices increased 1 percent compared to a flat reading in March.

The EU-harmonised index rose 2.6 percent year-on-year, higher than 2.1 percent in February. The monthly rate went up 0.9 percent from 1.1 percent in March.





Friday April 28 2017
Spanish Economy Grows 0.8% In Q1
Joana Ferreira | joana.ferreira@tradingeconomics.com

The Spanish economy expanded by 0.8 percent on quarter in the three months to March 2017, following a 0.7 percent growth in the previous period and beating market expectations of 0.7 percent, a preliminary estimate showed.

It was the 14th straight quarter of growth, after a five-year financial crisis that ended in 2013.

On an annual basis, the economy grew by 3 percent in the first quarter, unchanged from the rate in the previous period and also above market consensus of a 2.9 percent expansion.

The economy grew 3.2 percent in 2016 and is expected to expand by 2.5 percent this year.


Thursday April 27 2017
Spanish Jobless Rate Rises To 18.75% In Q1
INE | Joana Ferreira | joana.ferreira@tradingeconomics.com

Spain's unemployment rate rose to 18.75 percent in the first quarter of 2017 from 18.63 percent in the previous period while markets expected it would remain unchanged. It was the first increase in jobless rate in a year, as the number of unemployed rose in all sectors, mainly in services, while the number of employed fell.

The first quarter of the year is traditionally a tougher one for jobs, as people hired over the Christmas period get laid off. 

The number of jobless people increased by 17.2 thousand, or 0.4 percent, from the previous quarter to 4.26 million as unemployment grew in all sectors, mainly in services (104.8 thousand). The largest increases occurred in Catalonia (18.2 thousand), Balearic Islands (16.7 thousand) and Galacia (12.9 thousand).

The number of employed decreased by 69.8 thousand, or 0.4 percent, from the previous quarter to 18.44 million, as employment in the private sector dropped sharply by 57.6 thousand and in the public sector it fell by 12.3 thousand. Among sectors, jobs fell in services (-94.7 thousand) and in industry (-8.2 thousand) but increased in both agriculture (31 thousand) and construction (2.1 thousand). By region, the largest decreases in the quarter were reported in Valencia (-29.3 thousand), Balearic Islands (-22.1 thousand) and Canarias (-16.6 thousand).

The number of active population went down by 52.6 thousand to 22.693 million, as the number of active men fell by 27.9 thousand while the number of active women went up by 24.7 thousand. The labor force participation rate decreased to 58.78 percent.

A year earlier, the unemployment rate was recorded at 21.0 percent.

Unemployment has been falling since the jobless rate hit a high of 27 percent in 2013. Still, Spain has the second highest unemployment rate in the EU after Greece.




Thursday April 27 2017
Spain Inflation Rate Rises To 2.6% In April
INE | Joana Taborda | joana.taborda@tradingeconomics.com

Consumer prices in Spain are expected to went up 2.6 percent year-on-year in April of 2017, higher than 2.3 percent in March and above market expectations of 2.5 percent. The rise was mainly due to higher prices of tourist services during the Easter week while electricity cost was stable compared to a fall a year ago.

On a monthly basis, consumer prices are expected to rise 1 percent, following a flat reading in March.

The EU-harmonised index rose 2.6 percent year-on-year, above 2.1 percent in March and above market expectations of 2.3 percent. The monthly rate went up to 0.9 percent from 1.1 percent in March.


Friday April 21 2017
Spain Trade Gap Widens 48.3% YoY In February
Mineco |Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The trade gap in Spain increased to EUR 2.61 billion in February of 2017 from a EUR 1.76 billion deficit a year earlier. It is the second biggest trade deficit since August of 2015 as exports increased 8.3 percent year-on-year and reached a new record high for a February month while imports rose at a faster 11.4 percent.

Exports went up 8.3 percent to EUR 22.08 billion, driven by sales of energy (57.2 percent), food, beverages and tobacco (9.3 percent), autos (6.8 percent), consumer goods (12 percent) and chemicals (5.9 percent). Exports increased to the European Union (9.5 percent), namely Italy (21.4 percent), United Kingdom (13.4 percent), France (6.3 percent) and Germany (2.9 percent). Outside the EU, shipments rose the most to Canada (12.9 percent), Georgia (116.4 percent), China (23.1 percent), South Korea (36.1 percent), Vietnam (23.8 percent), Morocco (11.8 percent), Brasil (11.2 percent), Mexico (13.2 percent), Colombia (13.4 percent), Ecuador (30.5 percent) and Australia (9.4 percent).

Imports advanced 11.4 percent to EUR 24.68 billion, mainly led by purchases of energy (89.7 percent), equipment goods (14.9 percent) and non-chemical semi manufactures (6.9 percent).

Spain recorded a EUR 1.09 billion trade surplus with the EU, higher than a EUR 0.82 billion surplus a year earlier. With non-EU countries, the trade deficit rose 43.1 percent year-on-year to EUR 3.7 billion.


Wednesday April 12 2017
Spain Inflation Rate Confirmed At A 3-Month Low Of 2.3%
INE | Joana Taborda | joana.taborda@tradingeconomics.com

Consumer prices in Spain increased 2.3 percent year-on-year in March of 2017, down from 3 percent in each of the previous two months and in line with preliminary estimates. It is the lowest rate in three months, due to a slowdown in cost of transport, housing and food, namely diesel, gasoline and electricity, final figures showed.

Year-on-year, inflation eased for transport (6.5 percent from 8.5 percent in February); housing (4.3 percent from 5.9 percent); food and non-alcoholic beverages (1.4 percent from 1.7 percent); hotels, cafés and restaurants (1.2 percent from 1.3 percent) and clothing and footwear (0.8 percent from 0.9 percent). In addition, prices of recreation and culture declined 0.3 percent, following a 1.3 percent gain in February. 

Annual core inflation, which strips out volatile food and energy prices, was 0.9 percent, below 1 percent a month earlier.

On a monthly basis, consumer prices were flat, following a 0.4 percent drop in February.

The EU-harmonised index rose 2.1 percent year-on-year, below 3 percent in February. The monthly rate went up to 1.1 percent from -0.3 percent in February.


Thursday March 30 2017
Spain Inflation Rate Down To 3-Month Low Of 2.3%
INE | Joana Taborda | joana.taborda@tradingeconomics.com

Consumer prices in Spain are expected to increase 2.3 percent year-on-year in March of 2017, down from 3 percent in each of the previous two months, due to lower cost of diesel, gasoline and electricity. It is the lowest rate in three months, preliminary estimates showed.

On a monthly basis, consumer prices were flat, following a 0.4 percent fall in February.

The EU-harmonised index rose 2.1 percent year-on-year, below 3 percent in February and lower than market expectations of 2.7 percent. The monthly rate went up to 1.1 percent from -0.3 percent in February, mainly boosted by prices of clothing and footwear.


Tuesday March 21 2017
Spanish Trade Deficit Widens 31.3% YoY in January
Mineco | Joana Taborda | joana.taborda@tradingeconomics.com

The trade gap in Spain increased to EUR 3.13 billion in January of 2017 from a EUR 2.38 billion shortfall a year earlier. It is the biggest trade deficit since August of 2015 as exports increased 17.4 percent year-on-year and reached another record high for a January month while imports jumped at a faster 19 percent.

Exports went up to EUR 21.44 billion, boosted by sales of equipment goods (14.3 percent), food, beverages and tobacco (1.79 percent) and autos (7.6 percent). Exports increased to the European Union (15.3 percent), namely Italy (28.7 percent), France (16.6 percent), Germany (13.7 percent) and the UK (2.2 percent). Outside the EU, shipments rose to Canada (24.8 percent), the US (19.5 percent), Argentina (25.6 percent), Brazil (15.8 percent), Chile (6.3 percent), China (52.7 percent), South Korea (22.1 percent), Hong Kong (32.5 percent), India (50.1 percent), Japan (22.8 percent), Saudi Arabia (8.8 percent), UAE (61.4 percent), Morocco (24.6 percent), South Africa (22.3 percent) and Australia (8.1 percent).

Imports rose to EUR 24.57 billion, due to purchases of equipment goods (13.2 percent), chemicals (7.5 percent), energy (74.4 percent), autos (7.9 percent) and food, beverages and tobacco (17.8 percent).

Spain recorded a EUR 1.77 billion trade surplus with the EU, higher than a EUR 1.35 billion surplus a year earlier. With non-EU countries, the trade deficit widened 33 percent year-on-year to EUR 4.9 billion.