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Improving economic activity again drove a reduction of Spain’s public deficit. However, the public deficit in Q1 shrank by just 1 tenth, of the total 9 required to secure the 2018 deficit target of 2.2%.

The labour market performed very positively in June, as evidenced by the significant 91,000 uptick in social security affiliates, in line with the CaixaBank Research forecast (90,000).

Employment declined in August, as is usually the case during this month, with the number of Social Security affiliates falling by 202,996.

Appraisal prices for housing climbed powerfully in the second quarter of the year, in line with expectations, consolidating the rising trend for housing prices that began in 2015.

The overall budget execution figures for 2Q 2018 showed a slight adjustment to public sector accounts.

Inflation stood at 2.3% in September, 1 tenth faster than the uptick announced by the National Statistics Institute on 28 September.

• The labour market performed well in the third quarter of the year, as evidenced by the fact that job creation was up robustly (2.5% YoY), albeit slightly short of first half figure (2.6%).

Overall budget execution figures up to August show a slight adjustment to public sector accounts.

The labour market was unexpectedly strong in October, with an uptick in Social Security affiliates of 130,360 in non-seasonally adjusted terms, much sturdier than the October 2017 increase (94,368) and the CaixaBank Research forecast (60,000).

Overall budget execution figures up to September showed a slight adjustment to public sector accounts.

The current account balance stood at 13,339 million euros in September (1.11% of GDP), lower than in September 2017 (1.82% of GDP).

Should the model forecast prove accurate, the pace of GDP growth would be similar to the 3Q 2018 figure (0.6% QoQ).

The Spanish economy ended the year expanding more robustly than anticipated (0.7% QoQ compared to forecast growth of 0.6%) and far outstripping the Eurozone (0.2% QoQ).

The current account balance stood at 0.88% of GDP in November (1.02% in October and 1.81% in November 2017).

The labour market posted a moderate performance in January, as evidenced by an uptick in Social Security affiliates of 38,179 individuals in seasonally adjusted terms, less than the January 2018 number (58,758).

Inflation stood at 1.0% in January, thus matching the flash figure released by the National Statistics Institute on 31 January.

The current account balance stood at 10,145 million euros in December 2018 (0.84% of GDP), down 1.0 pp compared to December 2017 (1.84% of GDP).

The labour market posted a positive trend in February, as evidenced by an uptick in Social Security affiliates of 38,833 individuals in seasonally adjusted terms, similar to the figure from the previous month (38,179).

Spain emerged from the excessive deficit procedure after posting a public deficit of less than 3% in 2018, specifically 2.6% of GDP.

The current account balance stood at 10,374 million euros in January 2019 (0.86% of GDP), down 1.0 pp compared to January 2017 (1.82% of GDP).