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

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Spain - Economic Forecasts - 2018-2020 Outlook

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