CdM | Retail sales in November rose by 3.7% year-on-year, which is seven tenths of a percentage point below the previous month’s rate, according to data provided by the National Statistics Institute (INE). This marks the 17th consecutive month of growth in turnover. At constant prices, adjusted for seasonal and calendar effects, retail sales in November were up 6% on the same month last year. This rate was 2.1 points…
Link Securities | In Spain, the number of mortgages taken out on homes in October was 52,198, representing a 0.6% year-on-year increase (12.2% in September). According to the INE, with October’s year-on-year increase, the signing of mortgages on homes has now risen for 16 consecutive months. In addition, the average amount of these transactions was €167,080, representing an increase of 10.4%. In 10M25, the number of mortgages for the purchase…
Bankinter | The (final) CPI for November confirms the preliminary year-on-year figure of 3.0%, in line with expectations and down from the previous figure of 3.1%. The core CPI also confirms 2.6% year-on-year, also in line with expectations and down from 2.5% previously. In month-on-month terms, the anticipated 0.2% monthly (down from 0.7% previously) and 0.1% monthly for the core CPI (down from 0.5% previously) are also repeated. Analysis team’s…
Banco Sabadell | According to press reports, yesterday the Council of State opened the public hearing period (until next Monday) for submitting comments on the National Commission on Markets and Competition’s (CNMC) proposals on the methodology for calculating distribution remuneration and the financial remuneration rate for distribution and transmission networks. On the other hand, the Ministry for Ecological Transition has backed the CNMC’s proposal to raise the financial remuneration rate…
Morgan Stanley | Spain has stood out in the eurozone for its solid economic performance, with GDP growth exceeding that of its peers and a particularly strong post-pandemic recovery. This dynamism has sparked greater investor interest, which is reflected in the Ibex being close to historic highs and very tight spreads against Germany. Although a gradual slowdown is expected (2.9% annually in 2025 and 2.4% annually in 2026), potential growth…
Alphavalue / Divacons | A leading US bank has revised its growth projections for the Spanish economy upwards, validating the strength of the current expansionary cycle in contrast to the slowdown observed in the rest of Europe. The US financial institution now anticipates Spanish GDP growth of 3.5% for 2024, 2.9% in 2025 and 2.2% in 2026. These new estimates exceed previous forecasts, which stood at 3.2%, 2.7% and 2%…
CdM | Inflation reached its highest level since June 2024 in October. The rise in electricity, air and rail transport prices has pushed the Consumer Price Index (CPI) up by one tenth of a percentage point, bringing its year-on-year rate to 3.1%, according to data released by the National Statistics Institute (INE). In detail, the evolution of inflation in the tenth month of the year is mainly due to electricity…
CdM | Contributory pensions (retirement, widowhood, permanent disability, orphanhood and family benefits) rose by 6% in October to €13.6758 billion, according to data released by the Ministry of Inclusion, Social Security and Migration. In the eighth month of the year, Social Security paid a total of 10,397,372 pensions to 9,405,352 million people. Almost three-quarters of these were retirement pensions, representing more than 73% of the total (€9,999.2 million, up 6.01%)….
CdM | At the end of June, the net financial wealth of households stood at €2.497 trillion, an increase of 9.3% compared to a year earlier, while household debt stood at €719 billion, an increase of 2.5% year-on-year, according to the Financial Accounts of the Spanish Economy published by the Bank of Spain. As a percentage of GDP, net financial assets represented 152.8%, 4.9 percentage points more than in the…
CdM | Exports grew by 3.5% year-on-year in July, reaching €34.419 billion, an all-time high for this month, according to customs trade data collected in the Monthly Foreign Trade Report of the Ministry of Economy, Trade and Enterprise, prepared by the Secretary of State for Trade. This is the third consecutive month of growth. The sectors with the largest positive contributions to the annual rate of change in exports (3.5%)…