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Improving economic activity again drove a reduction of Spain’s public deficit.

Inflation was up 9 tenths in May to 2.0%, slightly higher than the CaixaBank Research forecast.

The pace of Spanish economic growth was again robust in Q1 (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 performed very positively in May, as evidenced by a significant 237,000 uptick in the number of social security affiliates, representing a slightly larger increase than the one forecast by CaixaBank Research.

Should the model forecast prove accurate, the pace of GDP growth would be similar to that of Q1 2018 (0.70% QoQ).

Inflation was up 2 tenths in June to 2.3%, in line with figures anticipated by CaixaBank Research.

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).

Inflation was up 0.2 pp in June, reaching 2.3%, thus matching the flash INE figure released on 28 June.

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

Inflation held at 2.2% in August, thus matching the preliminary figure released by the National Statistics Institute on August 30.

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

Should the model forecast prove accurate, the pace of GDP growth would stand 1 tenth below the 2Q 2018 figure (0.6% QoQ).

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.

Inflation was unchanged at 2.2% YoY, in line with figures anticipated by CaixaBank Research.

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

Employment grew during September, with an increase in the number of Social Security affiliates of 22,899.

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%).

Inflation was unchanged at 2.3%, slightly higher than forecast by CaixaBank Research.