Snapshot
Economic activity remains depressed, with industrial production falling a working-day adjusted 4.0% over the same month last year and retail sales dropping 6.7% annually in October. In addition, the external sector, practically the only source of economic growth, also showed signs of cooling, as exports slowed in September. In the political arena, newly elected President Mariano Rajoy presented his program in Parliament, in which he pledged to downsize the public sector and to reduce government spending. Rajoy formally took office on 21 December.
