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

The Spanish economy maintained a solid pace of growth in 3Q (0.6% QoQ), outstripping the growth posted by the main Eurozone economies.

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).

Inflation stood at 2.3% in October, thus matching the preliminary figure released by the National Statistics Institute on 30 October.

There was a modest increase in housing appraisal prices during the third quarter of the year, standing at 0.1% QoQ, well short of our forecasts (we anticipated an uptick of 0.7% QoQ).

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).

Inflation stood at 1.7% in November, matching the preliminary figure published by the National Statistics Institute on 29 November and CaixaBank Research forecasts.

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

The macroeconomic figures used in the latest draft budgets were revised slightly compared to those in the draft budgets sent to Brussels in October 2018, including GDP growth in 2019 being lowered to 2.2% (-0.1 pp). 

The labour market posted a very good performance in the fourth quarter of the year, as evidenced by job creation rallying to 3.0% YoY, after slowing slightly for several quarters.

Inflation was down 0.2 pp in January to 1.0%, a figure 0.3 pp below our forecast and continuing the gradual declining trend.

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.

Appraisal prices for housing grew at a faster rate in the final stages of last year, with an increase of 1.8% in the fourth quarter, the sharpest quarterly uptick since the housing price recovery began in 2015.

Inflation was up 0.1 pp in January to 1.1%, slowing the declining trend seen in the last three months.

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).