Imports G&S in Spain
Spain - Imports Goods and Services
Second estimate revises Q2 growth marginally down to three-year low
Economic activity slowed slightly in the second quarter, according to a second GDP estimate released by the National Statistics Institute (INE) on 30 September. The economy grew a seasonally-adjusted 0.4% from the previous quarter in Q2, marginally down from both the 0.5% increase reported in the preliminary estimate and the revised 0.5% expansion recorded in Q1 (previously reported: +0.7% quarter-on-quarter). The second-quarter expansion marked the lowest reading since Q2 2016.
The moderation was driven by weaker domestic demand. Private consumption growth was flat in Q2 in quarter-on-quarter terms (previously reported: +0.3% qoq), easing from Q1’s revised 0.2% (previously reported: +0.4% qoq) amid a slowdown in employment growth. Meanwhile, public spending growth was revised up from 0.2% to 0.4% in Q2, but was still slightly below Q1’s revised 0.5% rise (previously reported: +0.4% qoq). Lastly, fixed investment fell 0.2% from the previous quarter (Q1: +1.4% qoq), reflecting a contraction in machinery and equipment investment.
On the external front, exports of goods and services recorded a strong performance despite flagging activity in the EU and global headwinds. Export growth in Q2 came in at 1.7% quarter-on-quarter, marginally down from the 1.8% previously reported but up from the revised 0.6% expansion logged in Q1 (previously reported: 0.0% qoq). Meanwhile, imports increased 0.9% (previously reported: +1.0% qoq), which was up from Q1’s slight rise of 0.1% (previously reported: -0.3% qoq).
Looking ahead, growth is seen easing this year as the business cycles matures and a deteriorating global economic environment weighs on the economy. In 2020, GDP is expected to slow further due to softer household consumption amid weakening employment growth, a slowdown in the tourism sector and waning investment activity. Moreover, mounting political uncertainty further clouds the short-term outlook, as the country is set to hold new elections on 10 November after the ruling Socialist party failed to form a new government.
The Central Bank expects the economy to grow 2.0% in 2019 and 1.7% in 2020. FocusEconomics Consensus Forecast panelists, meanwhile, project that GDP will expand 2.2% this year, which is down 0.1 percentage points from last month’s forecast. In 2020, panelists see the economy growing 1.8%, which is unchanged from last month.
Spain - Imports G&S Data
|Imports (G&S, annual variation in %)||-0.5||6.6||5.4||2.9||5.6|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||0.07||5.62 %||Sep 03|
|Exchange Rate||1.10||0.65 %||Sep 04|
|Stock Market||8,857||-0.74 %||Sep 04|
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October 8, 2019
Industrial production increased 1.7% year-on-year in seasonally- and calendar-adjusted terms in August, up from July’s revised 1.2% rise (previously reported: +0.8% year-on-year).
October 3, 2019
Reflecting a sharper deterioration in manufacturing activity and slower growth of the services sector, the IHS Markit composite Purchasing Managers’ Index (PMI) edged down from 52.6 in August to 51.7 in September, matching July’s reading which had marked a near six-year low.
September 30, 2019
Retail sales rose a healthy 3.2% year-on-year in August, however decelerating from the revised 4.8% jump logged in July (previously reported: +4.7% year-on-year).
September 30, 2019
The Spanish Board of Architects approved 11,967 new construction permits in July, according to data published by the Ministry of Public Works.
September 30, 2019
Spain’s current account balance recorded a surplus of EUR 3.2 billion in July, above the EUR 2.7 billion surplus recorded in July 2018 but below the EUR 3.8 billion surplus logged in June.