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Inflation was down by 6 tenths in January to 0.5%, a slightly sharper decline than that anticipated by CaixaBank Research.

The labour market performed positively in the first month of the year, as evidenced by social security affiliates climbing 66,578 in seasonally adjusted terms (more than the average monthly increase of 50,935 in 2017).

Inflation eased significantly in January to 0.6%, one tenth higher than the preliminary figure announced by the National Statistics Institute.

The sharp increase in housing appraisal prices in the last quarter, slightly sharper than expected, consolidated the rising trend for housing prices, standing for the third consecutive year in positive growth.

Inflation was up by 5 tenths in February to 1.1%, a slightly sharper increase than anticipated by CaixaBank Research.

The pace of Spanish economic growth remained solid in Q4 (0.7% QoQ), in line with CaixaBank Research forecasts and the preliminary figures reported by the Spanish National Statistics Institute (INE) a month ago.

The labour market posted a good performance during February, as evidenced by the number of Social Security affiliates rising by 81,483, a faster uptick than seen in the same month 2017 (74,080).

Inflation was up 5 tenths in February to 1.1%. The uptick in inflation was due in equal measures to core groups and non-core groups.

Should the model forecast prove accurate, the pace of GDP growth would be similar to that posted in Q4 2017 (0.68% QoQ).

The 2017 public deficit stood at 3.1% of GDP, in line with the stability target agreed with the European Commission and the CaixaBank Research forecast. 

Inflation was up 1 tenth in March to 1.2%, a smaller increase than anticipated by CaixaBank Research.

The Council of Ministers approved the draft bill for General State Budget (PGE in its Spanish acronym), which will now have to be passed by Spain’s parliament.

The labour market again posted a positive trend during March, as evidenced by the significant 139,000 uptick in the number of social security affiliates, slightly smaller than that posted in the same month of the previous year (162,000).

Inflation was up 1 tenth in March to 1.2%, matching the INE flash estimate.

The labour market performed well, but again lost some momentum in the first quarter of the year. This was evidenced by the fact that in seasonally adjusted terms job creation was positive (0.5% QoQ) at a similar rate to Q4 2017, but somewhat below the average for the first three quarters of 2017 (0.7%).

Inflation was down 1 tenth in April to 1.1%, in line with figures anticipated by CaixaBank Research.

The budget execution figures available up to February show a slight adjustment to overall public sector accounts, excluding local authorities.

The labour market again posted a positive performance during April, as evidenced by the significant 176,000 uptick in the number of social security affiliates, a slightly larger increase than forecast by CaixaBank Research.

Inflation declined 1 tenth in April to 1.1%, matching the INE flash estimate.

The growth in appraisal prices for housing in the first quarter of the year, which was slightly short of anticipated levels, consolidates the rising trend for housing prices that began in 2015.