Spain Economic Outlook
February 26, 2019
The economy gained steam in the final stretch of 2018 as quarterly growth in Q4 picked up a notch from a solid Q3 outturn, sharply contrasting the mediocre performance in the Eurozone overall. The pick-up was largely underpinned by a strong rebound in exports and multi-year high growth in public spending. Slower private consumption and a contraction in fixed investment weighed on the headline figure, however. Meanwhile, available data suggests that the solid momentum carried over into 2019: In January, the composite PMI hit a seven-month high, largely reflecting improved business conditions in the manufacturing industry, while economic sentiment bounced back from an over two-year low. In the political arena, on 15 February, Prime Minister Pedro Sánchez called a snap general election for 28 April after Catalan pro-independence parties, which had backed his government previously, joined with the opposition to reject his draft 2019 budget two days earlier.Spain Economic Growth
Growth is seen slowing this year as the current economic cycle matures. Private consumption is set to ease as employment growth slows and wage gains moderate, while investment activity could be dampened by tightening financial conditions. In addition, the vital tourism industry has reached its peak and is set to cool going forward, posing a major headwind to job creation and economic activity overall. Heightened political uncertainty over the outcome of the general election and its repercussions on economic policy also cloud the outlook. FocusEconomics panelists project growth of 2.2% in 2019, which is unchanged from last month’s estimate, and 1.8% in 2020.Spain Economy Data
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Spain Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.13 | 5.62 % | Mar 20 |
| Exchange Rate | 1.14 | 0.65 % | Mar 20 |
| Stock Market | 9,406 | -0.74 % | Mar 20 |
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Spain Economic News
Spain: Growth in retail sales accelerates in January
March 11, 2019
Retail sales rose 1.7% in year-on-year terms in January, following the 0.1% uptick logged in December.
Spain: Industrial production rebounds from sharpest contraction in six years in January
March 8, 2019
Industrial production increased 2.4% year-on-year in seasonally- and calendar-adjusted terms in January, contrasting December’s revised 5.9% decline (previously reported: -6.2% year-on-year), which had marked the sharpest contraction in six years.
Spain: Composite PMI dips from seven-month high in February
March 5, 2019
Reflecting weaker activity growth in the services and manufacturing sectors, the IHS Markit composite Purchasing Managers’ Index (PMI) slipped from January’s seven-month high of 54.5 to 53.5 in February.
Spain: Current account surplus declines slightly in December
February 28, 2019
Spain’s current account balance recorded a surplus of EUR 4.7 billion in December, slightly below the EUR 5.1 billion surplus recorded in December 2017 but well above the EUR 1.8 billion surplus logged in November.
Spain: Housing permits growth moderates in December
February 28, 2019
According to data published by the Ministry of Public Works (Ministerio de Fomento), the Spanish Board of Architects (Colegio de Arquitectos Técnicos) granted 7,599 new construction permits in December.
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