This page has economic forecasts for Spain including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Spain economy.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.60 0.6 0.6 0.5 0.5 0.4 percent
Unemployment Rate 14.55 15.1 14.9 14.7 14.4 13.2 percent
Inflation Rate 2.30 2 2.3 2.2 2.1 2.2 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade -3057300.00 -2100000 -1400000 -1500000 -2500000 -1800000 EUR Thousand
Government Debt to GDP 98.30 95.5 92.6 92.6 92.6 89.4 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1.12
1.15 1.14 1.13 1.13 1.1
Stock Market 9103.58
points
9306 9204 9103 9002 8613
Government Bond 10Y 1.61
percent
1.58 1.63 1.68 1.74 1.98
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.60
percent
0.6 0.6 0.5 0.5 0.4
GDP Annual Growth Rate 2.50
percent
2.5 2.6 2.3 2.3 2.2
GDP 1311.32
USD Billion
1420 1510 1510 1510 1550
GDP Constant Prices 303017.00
EUR Million
303612 305772 306150 309986 317739
Gross Fixed Capital Formation 65299.00
EUR Million
62809 63284 64841 66801 65731
GDP per capita 32405.75
USD
32900 33600 33600 33600 34100
GDP per capita PPP 34272.36
USD
34800 35400 35400 35400 35900
GDP From Agriculture 7659.00
EUR Million
8123 8298 8234 7835 8501
GDP From Construction 17705.00
EUR Million
16044 16462 16650 18112 16791
GDP From Manufacturing 38725.00
EUR Million
39911 39775 40258 39616 41768
GDP From Public Administration 49717.00
EUR Million
50131 50380 50267 50860 52463
GDP From Services 200117.00
EUR Million
201050 202585 201766 204720 210404
GDP From Transport 65754.00
EUR Million
64453 64811 65302 67266 67452
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 14.55
percent
15.1 14.9 14.7 14.4 13.2
Employed Persons 19528.00
Thousand
19650 19700 19810 19890 20280
Unemployed Persons 3223.21
Thousand
2890 2750 2670 2640 2500
Unemployment Change 52.20
Thousand
-50.8 -38.6 -88.6 30.6 -32.1
Part Time Employment 2713.80
Thousand
2930 2890 2860 2890 2880
Full Time Employment 16814.20
Thousand
16720 16810 16950 17000 17400
Long Term Unemployment Rate 6.60
percent
5.9 5.5 5.2 5.1 4.7
Youth Unemployment Rate 34.30
percent
32 31.4 30.9 29.8 27
Productivity 111.70
Index Points
112 105 108 114 116
Labour Costs 98.30
Index Points
106 99.8 104 99.5 112
Job Vacancies 51.56
Thousand
42.5 58.2 60.1 49.5 51
Wages 1951.81
EUR/Month
2050 1845 1995 1890 2100
Minimum Wages 858.55
EUR/Month
859 880 880 880 920
Population 46.66
Million
46.66 46.89 46.89 46.89 47.21
Retirement Age Women 65.50
65.5 65.67 65.67 65.67 65.83
Retirement Age Men 65.50
65.5 65.67 65.67 65.67 65.83
Labor Force Participation Rate 58.73
percent
61 61.2 61.5 61.7 63
Living Wage Family 1150.00
EUR/Month
1150 1200 1200 1200 1270
Living Wage Individual 855.00
EUR/Month
950 1080 1080 1080 1150
Wages High Skilled 1990.00
EUR/Month
2220 2310 2310 2310 2390
Wages Low Skilled 932.00
EUR/Month
900 950 950 950 990
Employment Change 0.70
percent
0.5 0.5 0.6 0.5 0.4
Employment Rate 64.01
percent
63.6 63.7 63.8 63.9 65
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 2.30
percent
2 2.3 2.2 2.1 2.2
Inflation Rate Mom 0.20
percent
0.6 0.3 0.3 0.2 0.5
Harmonised Consumer Prices 103.22
Index Points
105 105 107 106 109
Consumer Price Index CPI 105.03
Index Points
105 105 107 106 110
Core Consumer Prices 101.85
Index Points
103 103 104 103 107
Core Inflation Rate 0.80
percent
1.4 1.4 1.5 1.5 1.9
Producer Prices 106.20
Index Points
106 104 107 109 111
Producer Prices Change 5.20
percent
3.7 2.9 2.5 2.3 2
Export Prices 111.30
Index Points
113 114 115 115 118
Import Prices 111.80
Index Points
112 113 113 114 116
Food Inflation 1.70
percent
2.2 1.9 1.7 2 2.2
CPI Housing Utilities 108.57
Index Points
108 106 108 111 112
CPI Transportation 109.55
Index Points
108 108 112 112 112
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 0.00
percent
0 0 0 0.25 0.75
Interbank Rate -0.38
percent
-0.38 -0.38 -0.38 -0.13 0.37
Money Supply M1 979588.00
EUR Million
982000 988000 998000 1048000 1521000
Money Supply M2 1183397.00
EUR Million
1410000 1470000 1540000 1590000 1980000
Money Supply M3 1227582.00
EUR Million
1510000 1590000 1650000 1710000 2120000
Banks Balance Sheet 2673.20
EUR Billion
2940 3200 3280 3340 4060
Foreign Exchange Reserves 60777.30
EUR Million
61697 62209 62704 62981 63418
Loans to Private Sector 450834.00
EUR Million
495000 501000 507000 511000 545000
Loan Growth 0.90
percent
1.4 1.4 1.5 1.5 1.9
Private Debt to GDP 199.70
percent
191 185 185 185 179
Central Bank Balance Sheet 736602.00
EUR Million
738000 746000 752000 759000 785000
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -3057300.00
EUR Thousand
-2100000 -1400000 -1500000 -2500000 -1800000
Exports 20714800.00
EUR Thousand
22500000 27900000 25100000 24300000 23700000
Imports 23772100.00
EUR Thousand
24600000 29300000 26600000 26800000 25500000
Current Account 1830.00
EUR Million
2800 1150 2500 2750 3640
Current Account to GDP 1.90
percent
1.1 1 1 1 0.8
Terms of Trade 99.60
Index Points
101 101 102 101 102
Foreign Direct Investment 388.00
EUR Million
2450 2200 2900 -2200 2320
Capital Flows 2880.00
EUR Million
7500 -1900 2100 2170 4400
Remittances 3347.00
EUR Million
3620 2750 3240 2550 3890
Tourist Arrivals 8924.33
Thousand
4120 5420 9150 9150 6150
Gold Reserves 281.60
Tonnes
282 282 282 282 282
Tourism Revenues 8032.00
EUR Million
3220 3820 6720 7150 4050
Terrorism Index 1.70
1.7 1.7 1.7 1.7 1.7
Weapons Sales 814.00
USD Million
868 826 785 743 794
External Debt 1991484000.00
EUR Thousand
1975330000 1986403000 1991502000 2002699000 2031138000
Crude Oil Production 2.00
BBL/D/1K
2 2 2 2 2
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 98.30
percent
95.5 92.6 92.6 92.6 89.4
Government Budget -3.10
percent of GDP
-2.5 -1.5 -1.5 -1.5 -1.1
Government Budget Value -13245.00
EUR Million
-28200 -7900 -18400 -16400 -26400
Government Spending 56107.00
EUR Million
55480 55853 56215 57397 58062
Government Spending to GDP 41.00
percent
41.2 40.9 40.9 40.9 41
Government Debt 1163885055.00
EUR Thousand
1174000000 1183000000 1189000000 1195000000 1231000000
Military Expenditure 15686.00
USD Million
14689 14856 15022 15188 14774
Asylum Applications 3800.00
persons
2550 3420 5220 2880 2110
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence -2.50
Index Points
0.5 1 0.8 0.4 -4
Services PMI 54.00
Index Points
53.2 50.5 54 53.6 54.4
Manufacturing PMI 51.80
53.2 50.7 54.4 54 53.2
Industrial Production -0.10
percent
2.5 3.2 3 2.4 2
Industrial Production Mom -0.70
percent
0.4 0.6 -0.4 -0.3 0.2
Manufacturing Production -0.20
percent
2.7 2.4 2.5 2.3 2.4
Capacity Utilization 78.50
percent
80.5 80.6 80.7 80.8 81.2
Changes in Inventories 2255.00
EUR Million
1763 1658 1590 1581 1372
Bankruptcies 1079.00
Companies
1210 1120 1250 865 850
Total Vehicle Sales 88410.00
105600 129800 137800 91700 119500
Car Production 1532.00
Hundred Units
1500 2700 2400 2480 1900
Car Registrations 106170.00
121400 107200 115400 120100 149800
Internet Speed 15487.07
KBps
18253 18286 18755 18853 20317
IP Addresses 14575619.00
IP
14569036 14779791 14691201 14627984 15004114
Mining Production -13.60
percent
3.2 2.2 2 1.5 1.5
Steel Production 1267.00
Thousand Tonnes
1020 1450 1340 1270 1260
Competitiveness Index 74.20
Points
74.7 74.7 74.7 74.7 77.2
Competitiveness Rank 26.00
26 26 26 26 26
Factory Orders 7.50
percent
4 3.8 3.6 3.2 2.8
Ease of Doing Business 30.00
27 26 26 26 25
Electricity Production 22286.00
Gigawatt-hour
25400 22800 24100 22100 25600
Corruption Index 57.00
Points
57 57 57 57 57
Corruption Rank 42.00
42 42 42 42 42
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence 93.00
Index Points
102 103 104 103 104
Retail Sales MoM -0.40
percent
0.3 -0.4 0.6 0.5 0.3
Retail Sales YoY -0.90
percent
2.1 2.5 2.7 2.3 2.2
Consumer Spending 172064.00
EUR Million
171624 173547 174427 176021 179609
Disposable Personal Income 230251.00
EUR Million
227000 197000 244000 201000 241000
Personal Savings 12.45
percent
15 -1.7 15 -2 12
Consumer Credit 655297176.00
EUR Thousand
665000000 671000000 677000000 684000000 727000000
Private Sector Credit 1184281.00
EUR Million
1330000 1360000 1410000 1440000 1650000
Bank Lending Rate 1.31
percent
1.32 1.32 1.32 1.57 2.07
Households Debt To GDP 60.50
percent of GDP
59.5 56.1 56.1 56.1 52.5
Households Debt To Income 100.42
percent
95.1 91.5 91.5 91.5 85
Gasoline Prices 1.55
USD/Liter
1.46 1.47 1.29 1.2 1.5
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Construction Output -2.20
percent
4.5 3.2 2.8 2.5 2.1
Housing Index 1587.90
EUR/SQ. METRE
1645 1678 1695 1715 1832
Mortgage Approvals 28755.00
Units
21500 29100 30200 32200 25100
New Home Sales 8.18
Thousand
6.12 8.15 8.45 8.65 11.51
Existing Home Sales 36.46
Thousand
28.15 36.22 38.78 36.22 34.65
Housing Starts 1.37
Thousand units
0.75 0.99 1.09 1.15 1.64
Home Ownership Rate 77.10
percent
77.2 76.9 76.9 76.9 76.4
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 25.00
percent
25 25 25 25 25
Personal Income Tax Rate 45.00
percent
45 45 45 45 45
Sales Tax Rate 21.00
percent
21 21 21 21 21
Social Security Rate 36.25
percent
36.25 36.25 36.25 36.25 36.25
Social Security Rate For Companies 29.90
percent
29.9 29.9 29.9 29.9 29.9
Social Security Rate For Employees 6.35
percent
6.35 6.35 6.35 6.35 6.35
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature 8.43
celsius
9.99 7.54 17.32 14.14 13.95
Precipitation 17.30
mm
67.31 56.73 49.39 49.39 51.68



Spain - Economic Forecasts - 2018-2020 Outlook