Spain Economic Outlook
May 28, 2019
Preliminary estimates showed that growth quickened to an over one-year high in Q1, contrasting the lackluster performance in the Eurozone overall. The acceleration was largely driven by a solid rebound in fixed investment and a positive contribution from the external sector. Turning to Q2, however, available data has not been as upbeat. In April, the composite PMI declined notably while economic sentiment dipped to an over two-and-a-half year low, indicating softer dynamics in the private-sector economy. On the political front, the investiture vote for Prime Minister Pedro Sánchez is likely to take place in July after his Socialist Party (PSOE) won the 28 April general election. Since then, the PSOE has consolidated its position as the primary political force by scoring important wins in the municipal, regional and EU elections on 26 May. That said, the vote at the subnational level was fragmented, setting the stage for complicated negotiations to form governments at both the local and national stage.Spain Economic Growth
The economy is expected to lose some traction this year as the business cycle matures. Domestic demand is seen driving the overall expansion, particularly private consumption amid sustained employment growth and gradually rising wages. The cooling all-important tourism industry, policy uncertainty and elevated global trade tensions pose downside risks to the outlook. FocusEconomics panelists project growth of 2.2% in 2019, which is unchanged from last month’s forecast, and 1.8% in 2020.Spain Economy Data
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Spain Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.57 | 5.62 % | Jun 12 |
| Exchange Rate | 1.13 | 0.65 % | Jun 13 |
| Stock Market | 9,247 | -0.74 % | Jun 13 |
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Spain Economic News
Spain: Composite PMI falls to five-and-a-half-year low in May
June 5, 2019
Largely reflecting slower activity growth in the manufacturing sector, the IHS Markit composite Purchasing Managers’ Index (PMI) declined to a five-and-a-half-year low of 52.1 in May from 52.9 in April.
Spain: Industrial production rebounds in April
June 5, 2019
Industrial production rose 1.7% year-on-year in seasonally- and calendar-adjusted terms in April, rebounding from March’s revised 3.0% contraction (previously reported: -3.1% year-on-year).
Spain: Current account surplus narrows in March
May 31, 2019
Spain’s current account balance recorded a tiny surplus of EUR 26 million in March, smaller than the EUR 389 million surplus recorded in March 2018 but much greater than the EUR 2.8 billion deficit logged in February.
Spain: Retail sales growth hits six-month high in April
May 30, 2019
Retail sales rose 2.0% in year-on-year terms in April, marking a six-month high and following the soft 0.2% upturn logged in March.
Spain: Housing permits growth accelerates slightly in March
May 30, 2019
The Spanish Board of Architects approved 9,405 new construction permits in March, according to data published by the Ministry of Public Works.
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