Spain · Macroeconomic update

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  • The uncertainty surrounding the forecast scenario remains unusually high, both in Spain and the rest of the world, due to unknowns regarding the future evolution of COVID-19 as well as doubts concerning the effectiveness of the measures being taken.
Spain

Spain · Inflation eases in June due to energy

Spain
spanish
Inflation

Inflation stood at 0.4% in June, matching the flash figure from the National Statistics Institute released on 27 June.

Spain Inflation

Spain · Employment sets a new record high at 19.5 million affiliates

Spain
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Labour market

The labour market posted a record high affiliate number in June, reaching a total of 19.5 million, just outstripping the previous record of July 2007.

Spain Labour market

Spain · The public sector deficit stood at 0.3% of GDP in 1Q 2019

Spain
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Public accounts

The budget execution figures available for 1Q 2019 indicate public sector accounts standing in a very similar position in Social Security to a year previously.

Spain Public accounts

Spain · Inflation continues to ease due to energy components

Spain
spanish
Inflation

Inflation was down 0.4 pp in June to 0.4%, intensifying the easing that began last month.

Spain Inflation

Spain · GDP eases slightly, but holds at solid levels

Spain
spanish
Growth

Should the model prove accurate, the pace of GDP growth would stand slightly below the 1Q 2019 figure (0.7% qoq).

Spain

Spain · Energy and services cause inflation to ease in May

Spain
spanish
Inflation

Inflation stood at 0.8% in May, thus matching the preliminary figure released by the National Statistics Institute on 30 May.

Spain Inflation

Spain · The labour market remains buoyant in May

Spain
spanish
Labour market

The labour market secured a good performance in May, as evidenced by an uptick in Social Security affiliates of 211,752 in non-seasonally adjusted terms, very close to the CaixaBank Research forecast (212,000).

Spain Labour market

Spain · Deterioration of the non-energy balance of goods continues to undermine the current account surplus

Spain
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Public accounts

The current account balance stood at 0.74% of GDP in March (0.77% in February and 1.77% in March 2018).

Spain Public accounts

Spain · Inflation eases due to energy components in May

Spain
spanish
Inflation

Inflation was down 0.7 pp in May to 0.8%, thus rolling back the rally posted in recent months.

Spain Inflation