SPAIN WEEKLY ECONOMIC BULLETIN

Transcription

1 SPAIN WEEKLY ECONOMIC BULLETIN APRIL th 18

2 NIPO: Elaboración y coordinación: Secretaría de Estado de Economía y Apoyo a la Empresa Dirección General de Análisis Macroeconómico y Economía Internacional Subdirección General de Análisis Coyuntural y Previsiones Económicas

3 INDEX (1) Table 1. Quarterly National Accounts. Main Aggregates. Year-on-year change Table 1a. Quarterly National Accounts. Main Aggregates. Quarter-on-quarter change Table 1b. Quarterly National Accounts: Wages, Productivity and Labour Costs Table. General and Industry Activity Indicators Table 3. Construction and Services Activity Indicators Table. Domestic Demand (Private Consumption and Equipment Investment) Table a. Housing Indicators Table 5. External Demand, Balance of Payments and Net External Reserves Table. Labour Market Table 7. Prices and Wages Table 8. Public Sector: State Operations Table 9. Monetary and Financial Sector Table 1. International Indicators (I) Table 11. International Indicators (II) Table 1. Summary of Indicators Chart 1. Summary of Indicators (1) Supplementary data and list of abbreviations can be obtained from Síntesis de Indicadores Económicos.

4 Table 1. QUARTERLY NATIONAL ACCOUNTS. BASE 1 Chain-linked volume; adjusted data (1) April, 18 Year-on-year growth rate in % DEMAND 1 17() 1 IV 17 I 17 II 17 III 17 IV Final consumption expenditure Households Non-profit Institutions (3) General government Gross fixed capital formation Tangible fixed assets Equipment and cultivated assets Construction Intelectual Property Products Change in inventories () Domestic demand () Good and service exports Good and service imports Net exports () GROSS VALUE ADDED Agriculture, forestry and fishing Industry Construction Services GDP m.p (1) Seasonally and calendar adjusted data. () Available period data. (3) Non-profit making institutions serving households. () Contribution to GDP growth (percentage points). (ESA 1). Source: INE. GROSS DOMESTIC PRODUCT & COMPONENTS GDP () Net exports () 15 DOMESTIC DEMAND: COMPONENTS () Domestic demand () Private Consumption Expenditure GFCF Construction GFCF Equipm.and cultivat.assets NET EXPORTS: COMPONENTS () 7 GVA NON AGRICULTURAL SECTORS () -1 Goods and services exports Goods and services imports GVA Industry GVA Construction GVA Services

5 Table 1a. QUARTERLY NATIONAL ACCOUNTS. BASE 1 Chain-linked volume; adjusted data (1) April, 18 DEMAND Quarter-on-quarter growth rate in % 1 III 1 IV 17 I 17 II 17 III 17 IV Final consumption expenditure Households Non-profit Institutions () General government Gross fixed capital formation Tangible fixed assets Equipment and cultivated assets Construction Intelectual Property Products Good and service exports Good and service imports GROSS VALUE ADDED Agriculture, forestry and fishing Industry Construction Services GDP M.P (1) Seasonally and calendar adjusted data. () Non-profit making institutions serving households. (3) Contribution to GDP growth (percentage points). (ESA 1). Source: INE. GROSS DOMESTIC PRODUCT AND COMPONENTS 7 DOMESTIC DEMAND: COMPONENTS (q-o-q % change) GDP (q-o-q % change) Net Exports (3) Domestic Demand (3) Private Consumption Expenditure GFCF Construction GFCF Equipment and cultivated assets NET EXPORTS: COMPONENTS (q-o-q % change) GVA NON AGRICULTURAL SECTORS (q-o-q % change) GVA Industry -5 Goods and services exports Goods and services imports GVA Construction GVA Services

6 Table1b. QUARTERLY NATIONAL ACCOUNTS: WAGES. PRODUCTIVITY AND LABOUR COST (1) Year on year percentage change April, 18 Quarter on quarter percentage change 1 17() I.Q.17 II.Q.17 III.Q.17 IV.Q.17 I.Q.17 II.Q.17 III.Q.17 IV.Q.17 TOTAL ECONOMY Unit labour cost Compensation per employee Labour productivity GDP deflator MANUFACTURING Unit labour cost Compensation per employee Labour productivity GVA deflator (1) Adjusted seasonal and calendar effects. () Available period data. Source: INE (CN1). UNIT LABOUR COST AND THEIR COMPONENTS TOTAL ECONOMY 8 MANUFACTURING Compensation per employee Labour productivity Unit labour cost Compensation per employee Labour productivity Unit labour cost TOTAL ECONOMY q-o-q % change MANUFACTURING q-o-q % change - Compensation per employee Labour productivity Unit labour cost Compensation per employee Labour productivity Unit labour cost

7 Table. GENERAL AND INDUSTRY ACTIVITY INDICATORS (Year-on-year percentage change except as indicated) April, 18 Previous Latest 17 18(1) 17 II 17 III 17 IV 18 I(1) data data Date GENERAL Composite Activity Indicator () Q Social Security covered workers Mar. 18 Electric power consumption (3) " Non energy imports (vol.) Feb. 18 Households & business financing () " Economic Sentiment Indicator Mar. 18 Large Firms Sales (5) Feb. 18 Central Balance Sheet (Quarterly) - Gross operating income Q ROI -Cost of debt () " INDUSTRY Composite Industry Indicator () Q IPI calendar adjusted Feb. 18 Social Security covered workers Mar. 18 Business Surveys (balances in pp) - Industry confidence indicator (sa) " - Industry unfilled orders " - Inventories " Industry capacity utilization (sa) % Q Industry Turnover Index (7) Jan. 18 Industry new orders (7) " Manufacturing PMI Index Mar. 18 (1) Available period data. () Adjusted for seasonal, calendar and outliers effects. (3) Adjusted for calendar and temperature effects. () Deflated by CPI without energy and food. (5) Seasonal and calendar adjusted deflated and fixed sample. () Ordinary income on net assets (before taxes) minus interest on borrowed funds. (7) At current prices and adjusted for calendar. Sources: MESS, REE, BE, AEAT, INE, European Commission, SGACPE and NTC Research LTD-Reuters. ACTIVITY INDICATORS 1 1 INDUSTRY PROD. INDEX (CALENDAR ADJUSTED) 1 - Economic Sentiment Indic. (right s.) Composite Activity Indicator (y-o-y) Y-o-y Annualized q-o-q ELEC. POWER CONSUM. AND LARGE FIRM SALES 11 INDUSTRY CONF. IND. AND CAPACITY UTILIZATION Large firms sales (y-o-y) Electric power consumption (y-o-y) -11 ICI Cap.Utiliz.(right scale)

8 Table 3. CONSTRUCTION AND SERVICES ACTIVITY INDICATORS (Year-on-year percentage change except as indicated) April, 18 CONSTRUCTION Previous Latest 17 18(1) 17 II 17 III 17 IV 18 I(1) data data Date Composite Construction Indicator () Q Production in Construction Index () Feb. 18 Social Security covered workers Mar. 18 Floorage approvals: total Jan. 18 Floorage approvals: housing " Official bidding (at current prices) " Construction confidence indicator (3) Mar. 18 Mortgages. Number Jan. 18 ". Amount borrowed " Housing: Prices per sq meter Q.. 17 Dwelling sales Feb New " - Used " SERVICES Composite Services Indicator () Q Social Security covered workers Mar. 18 Foreign tourists Feb. 18 Tourists total expenditure " Hotel overnight stays " Retail trade confidence indicator (3) Mar. 18 Services confidence indicator (3) " Services Turnover Index () Jan. 18 Services PMI Index Mar. 18 (1) Available period data. () Adjusted for seasonal, calendar and outliers effects. (3) Balances in percentage points. (sa). () Adjusted for calendar. Sources: Eurostat, MESS, MFOM, AENA, RENFE, INE, European Commission and SGACPE. 9 SERVICES: SOCIAL SECURITY COVERED WORKERS AND TURNOVER INDEX () HOUSING PRICES AND MORTGAGES: AMOUNT BORROWED () Turnover Index Social Security covered workers Housing prices Mortgages: amount borrowed (right s.) CONSTRUCTION INDICATORS Confidence Indicator (balances) 1 3 SERVICES INDICATORS Composite Indicator ()(right s.) Confidence Indicator (balances) Comp. Ind. ()(right s.)

9 Table. DOMESTIC DEMAND (PRIVATE CONSUMPTION AND EQUIPMENT INVESTMENT) (Year-on-year percentage change except as indicated) April, 18 Previous Latest 17 18(1) 17 II 17 III 17 IV 18 I(1) data data Date PRIVATE CONSUMPTION Composite Consumption Indicator () Q Retail sales index deflated (*) Feb. 18 Consum.goods.Apparent consumption() " IPI consumer goods (adjusted) " Consumer goods imports (vol.) " Passenger car registrations Mar. 18 Real wages (3) Q.. 17 Consumer confidence indicator () Mar. 18 Large firms sales. Consumption (5) Feb. 18 EQUIPMENT INVESTMENT Composite Equipment Indicator () Q Capital goods.apparent consumption() Feb. 18 IPI capital goods (adjusted) " Capital goods imports (vol.) " Truck registrations Mar. 18 Large firms sales. Capital (5) Feb. 18 BUSINESS SURVEYS Consumer goods. Capacity utilization (%) Q Capital goods. Capacity utilization (%) " (1) Available period data. () Adjusted for seasonal, calendar and outliers effects. (3) Adjusted for seasonal and calendar effects.deflated by private consumption expenditure deflator. () Balances in percentage points (sa). (5) Seasonal and calendar adjusted, deflated and fixed sample. (*) Without service station. Sources: SGACPE, INE, AEAT, European Commission, ANFAC and Gab. Téc. Secretaría Gral.de Industria y Pyme (MEIC). 55 CONSUMER CONF. INDICATOR AND PASSENGER CAR REG. (balances and ) IPI (CALENDAR ADJUSTED) Consumer goods Capital goods -1 5 Passenger car registrations Consumer Confidence I.(right s.) CONSUMER GOODS: COMPOSITE AND APPARENT CONSUMPTION () 7 CAPITAL GOODS: COMPOSITE AND APPARENT CONSUMPTION () Composite Indicator (right s.) Composite Indicator Apparent Consumption Apparent Consumption

10 Table a. HOUSING INDICATORS (Year-on-year percentage change except as indicated) April, 18 Previous Latest 17 18(1) 17 II 17 III 17 IV 18 I(1) data data Date LEADING INDICATORS Housing starts (thousands) Mar. 17 Floorage approvals: housing Jan. 18 Official bidding. Residential " Housing order books (balances in pp) Mar. 18 COINCIDENT INDICATORS Housing investment Q.. 17 Construction GVA " Composite Housing Indicator () Q CIPI(3). Building Feb. 18 IPI art.of concrete,cement & plaster() " IPI Clay building materials() " Construction employment. LFS Q.. 17 Construction unemployment. LFS " HOUSING MARKET ACTIVITY Housing. Built for sale (thousands) Jan. 18 Housing sales (thousands) Feb New " - Used " Non-resident foreigners transactions Q.. 17 Housing investment deflator (QNA) () " Housing Price Index " - New " - Used " Rental CPI Mar. 18 FINANCIAL CONDITIONS New housing mortgages - Number Jan Amount borrowed " Interest rate on house purchase (5) Feb. 18 Credit to households for housing " Delinquency household loans ratio (%) Q.. 17 Affordability based on wages (%) () " 1) Available period data. () Calendar and seasonal adjusted series. (3) Construction Industry Production Index. () Corrected for calendar effects. (5) To households. Annual equivalent rate. () Without deductions. Sources: MEIC, INE, MFOM, METU, Eurostat and BE. HOUSING. BUILT FOR SALE AND NEW SALES thousands 5 Housing: built for sale New housing sales 8 HOUSING STARTS AND ACCRUED thousands Housing starts Housing accrued

11 HOUSING INVESTMENT AND COMPOSITE INDICATOR 1 IPI CONCR, CEM & PLAST. ART. AND IPI CLAY BUILD. -1 Housing investment (QNA) Composite Housing Indicator IPI clay building materials IPI concrete, cement & plaster articles ORDER BOOKS & CONSTRUCTION CONFIDENCE balances in pp Housing order books Construction confidence indicator HOUSE FLOORAGE APPROVALS & CIPI BUILDING (smoothed) 8 Housing floorage approvals CIPI building CREDIT FOR HOUSE PURCHASE & MORTGAGES 1 55 Credit to households HOUSING PRICE & INTEREST RATE & percentage, Mortgages: amount borrowed (right s.) -,5 Housing Prices per m Interest rate on house purchase (right s.) 1, UNEMPLOYMENT RATE & AFFORDABILITY percentage 8 HOUSEHOLDS LOANS DELINQUENCY RATIO percentage 8 38 Unemployment rate 1 Affordability based on wages (right s.)

12 Table 5. EXTERNAL DEMAND, BALANCE OF PAYMENTS AND NET EXTERNAL RESERVES April, 18 Total Jan.-last month (1) 1() 17() Previous Latest Date FOREIGN TRADE (Custom basis) Million euros: - Exports Feb Imports Trade balance % change year on year:- Exports. Value BALANCE OF PAYMENTS (Million euros) Volume Imports. Value Volume Trade balance. Value Goods and services Jan. 18 Primary and secondary incomes Current balance Capital balance Current and capital balance Net change in assets, excluding BE Net change in liabilities, excluding BE NCA-NCL, excluding BE Net change in BE position with Eurosystem BE net position with Eurosystem (3) Q. 17 (1) Accumulated figures. () 1 customs data are final, 17 data are provisional. (3) End of period data. Sources: DA, BE and SGACPE EXPORTS. VOLUME Smoothed Original 3 1 IMPORTS. VOLUME Smoothed Original BALANCE OF PAYMENTS quarterly averages. Billion euros Current & capital balance NET CHANGE IN BE POSITION WITH EUROSYSTEM billion euros - Trade balance

13 Table. LABOUR MARKET April, 18 Latest data Change over previous year, thousands Percentage change over previous year Average Average Previous Latest Average Average Previous Latest Date Thousands 1 17(1) data data 1 17(1) data data LABOUR FORCE SURVEY Labour force Q Employment " Non agricultural " Wage earners " Temporary workers " Permanent workers " Unemployment " % of labour force Points of change over previous year Unemployment rate " Male " Female " Young (1 years) " PUBLIC EMPLOYMENT SERVICES Change over previous year,thousands Percentage change over previous year Registered unemployed Mar Registered contracts () " Permanent contracts() " Temporary contracts () " SOCIAL SECURITY SYSTEM Covered workers (3) Mar Payroll employment (3) " (1) Available data period. () Aggregate data for the average. (3) Monthly average. Sources: INE and MESS. EMPLOYMENT (LFS) % change over previous year UNEMPLOYED % change over previous year Unemployment LFS 3 1 Registered unemployment -3 Employment LFS -1 - Social security covered workers EMPLOYEES (LFS) % change over previous year 8 UNEMPLOYMENT RATE (LFS) % of labour force 3-3 Total 1 All Men - Permanent workers Women

14 Table 7. PRICES AND WAGES (Year-on-year percentage change) April, 18 DEC. DEC Previous Latest (1) 1 17 data data Date CONSUMER PRICES (CPI). Headline Mar. 18 Food " Non food " - Industry excluding energy " - Services " - Energy " Core () " HARMONIZED INFLATION DIFF.(3): Total " Core " INDUSTRIAL PRODUCER PRICES: Total Feb. 18 Consumer goods " UNIT VALUE INDEX: Exports " Imports " WAGES: Collective bargaining () Mar. 18 Total labour cost per worker (5) Q.IV Wage costs " - Non-wage costs " (1) Available data period. () CPI excluding energy and non-processed food. (3) Difference between Spanish and Euro area harmonized inflation, in percentage points. () Data include the application of wage revision clauses in annual average data (except for the current year). (5) Data for December refer to th quarters. Sources: INE, Eurostat, DA, SGACPE and MESS. CONSUMER PRICES Headline inflation 1 PRODUCER PRICES Core inflation 5-5 All items Consumer goods HARMONIZED INFLATION DIFFERENTIALS percentage points Headline WAGE INCREASE 1 Core -1 Agreed wages index Total wage cost per worker

15 Table 8. PUBLIC SECTOR: STATE OPERATIONS (Accumulated figures in million euro) April, 18 IN CASH BASIS IN CASH BASIS NATIONAL ACCOUNTING December December % February February % February February % REVENUE 133, ,5-1. 1, 1,77.5,31, Taxes 1,915 1, ,5 18,3.8 18,9,3 1.8 Personal income tax 35,799 3,8. 9,51 1,3 7. Corporate income tax 1,78 3,13.8-3,97 -, VAT 31,58 9, ,115 1,18.5 Excise duties 7,739 7, ,9 1, -. Other taxes 8,17 8, ,57 1,8 1. Other revenue (1) 8,7, ,158 3,19 -.9,9,15.. EXPENDITURE 19,791 17,7-1.,8, ,593 3, Wages and salaries () 1,7 15,83.3,31,38. Goods and services 3,51 3, Interest payments 3,78 3, ,91 7, Current transfers () 85,97 85,9 -. 1,5 1, Fixed investment,338 5, Capital transfers 8,15 7, NET OVERALL BALANCE (1) -1,3-1,9.5 -,18 -, ,3-1, Pro-memoria Total taxes (3) 18,97 19,9.3 31,951 3,5. Personal income tax 7,1 77,38. 15,77 1,17 5. VAT,85 3, ,339 15, Excise duties 19,8,38. 3,19 3, (1) Includes fees, property income and current and capital transfers. () Homogenized data in relation to the change in the treatment of pensions paid by the State. (3) Includes the participation of regional and local governments. Source: MHFP. STATE OPERATIONS Accumulated figures in the last 1 months ( billion) 15 Revenue Expenditure 18 PERSONAL INCOME TAX Accumulated figures in the last 1 months ( billion) Net Overall Balance CORPORATE INCOME TAX Accumulated figures in the last 1 months ( billion) 3 VALUE ADDED TAX Accumulated figures in the last 1 months ( billion)

16 Table 9. MONETARY AND FINANCIAL SECTOR April, 18 DEC JAN FEB MAR APR-1 APR-19 RESIDENTS FINANCING (1) Total financing (loans and securities) Non-financial corporations Households General government INTEREST RATES () ECB Intervention rate (3) Euribor rates: 3 month month year Gov. Bond yield: Spain Germany US year spreads: Spain-Germany US-Germany Banks rates: Total Loans. Synthetic rate Mortgage loans (households) Deposits. Synthetic rate STOCK EXCHANGE MADRID. IBEX-35 () EXCHANGE RATES () US $/ Jp / Nominal effective () (1) Year-on-year percentage change. () Period averages. (3) Data at the end of period. () Percentage change from the beginning of the year. Sources: BE, ECB, FT, Madrid stock exchange and MEIC RESIDENTS' FINANCING Total Non-financ.corporations Households General government year government bond 1 month euribor INTEREST RATES Percentages DIFFERENTIAL WITH GERMANY 1 year, basic points Spain Greece Ireland Portugal Italy France 1 1 EURO EXCHANGE RATE Index = US/ Jp /

17 Table 1. INTERNATIONAL INDICATORS (I) April, GDP % change IPI % change Latest q-o-q y-o-y 3 months (1) 1 year CPI % annual change Previous Latest Unemployment rate % Labour force () Previous Budget balance () % GDP Latest Germany.5. IV Feb Mar Mar France..7 IV Feb Mar IV U.Kingdom 1.8. IV 1... Feb.7.5 Mar.3. Feb Italy IV Feb.5.8 Mar Feb Spain (3) IV Feb Mar IV.5.1 EU.5. IV Feb Mar Feb - - Euro area.5. IV Feb Mar Feb US..3.7 IV Mar.. Mar.1.1 Mar Japan 1.7. IV.1.1. Feb Mar..5 Feb OECD.5. IV Dec.. Feb Jan - - (1) Average of last 3 months relative to the previous 3 months average. () European Commission, IMF and OECD. (3) In Spain IPI calendar and seasonal adjusted. () In Germany registered unemployment. Sources: Eurostat, European Commission, IMF, OECD, The Economist and INE. GDP 8 INDUSTRIAL PRODUCTION. Smoothed series Spain Germany France US - Spain France Germany US CPI 5 BUDGET BALANCE % GDP Spain France Germany US Spain France Germany US

18 Table 11. INTERNATIONAL INDICATORS (II) April, 18 Exports of goods (1) % change 1 1 month year Imports of goods (1) % change 1 1 month year Stock markets (3) Current account % change bn % GDP () latest 1 m week Germany -3.. Feb Feb.1 IV France -.9. Feb Feb.1 Feb U.Kingdom. 3.8 Feb Feb -9.8 IV Italy Feb -..8 Feb 5.8 Dec Spain Feb Feb. Jan EU Feb -..5 Feb Euro area Feb Feb 8.1 Feb US Feb Feb IV Japan..8 Mar Mar 1. Feb (1) All data seasonally adjusted. () Economic forecasts of European Commission, IMF and OECD. (3) Previous data. Sources: Eurostat, European Commission, IMF, OECD, The Economist and DA. 15 EXPORTS OF GOODS. Smoothed series 15 IMPORTS OF GOODS. Smoothed series Spain Gerrmany France US Spain Germany France US CURRENT ACCOUNT % GDP 5 STOCK MARKETS December =1 8 Spain Germany France US Spain Germany US

19 April, 18 Table 1. SUMMARY OF INDICATORS Year-on-year percentage change except as indicated Last Quarters Previous data (1) II.17 III.17 IV.17 I.18(1) Date Activity GDP volume (QNA)() Q Domestic demand contribution () Q Net exports contribution () Q.. 17 Composite Activity Indicator (sca) Q Large Firms Sales (sca) Feb. 18 Economic Sentiment Indicator Mar. 18 Electric power consumption (3) Mar. 18 IPI calendar adjusted Feb. 18 Industrial Confidence Indicator () Mar. 18 Production in Construction Index (5) Feb. 18 Industry capacity utilization (sa) % Q Domestic Demand Consumer Goods.Apparent consumption Feb. 18 Retail sales index (5)(*) Feb. 18 Passenger car registrations () Mar. 18 Consumer confidence indicator () Mar. 18 Capital Goods.Apparent consumption Feb. 18 Truck registrations () Mar. 18 Private Sector Financing (def.) Feb. 18 External Demand (Custom Basis) Export of goods: Value Feb. 18 Volume Feb. 18 Import of goods: Value Feb. 18 Volume Feb. 18 Trade balance. Value (mill. )(7) Feb. 18 Labour Market Labour force Q.. 17 Employment Q.. 17 Unemployment Q Unemployment rate % of lab.force Q.. 17 Registered unemployment Mar. 18 SS covered workers Mar. 18 Prices and Wages CPI Mar. 18 Core CPI (8) Mar. 18 CPI differential eurozone (9) Mar. 18 Producer prices Feb. 18 Wages Collective bargaining (1) Mar. 18 Total labour cost per worker Q.. 17 Public sector. State operations December January February Net borrowing (-) %GDP (11) Monetary and Financial Sector (1) Dec. Jan. Feb. Mar. 5-Apr 1-Apr 19-Apr Eurozone intervention rate (13) M Interbank rate.euribor Y Interbank rate. Euribor Y Gov.Bond yield Spain Differential Spain - Germany Exchange rate ($/ ) Stock exchange Madrid IBEX-35 (1) Memorandum Items EE.UU Intervention rate.(13) Brent oil Price $ per barrel (1) Available period data. () Adjusted for seasonal and calendar effects; contributions in percentage points. (ESA 1 new base 1). (3) Adjusted for calendar and temperature effects. () Balances in %. (sa).(5) Calendar adjusted data. () ANFAC estimation. (7) Monthly average. (8) CPI excluding energy and unprocessed food. (9) Difference between Spanish and Euro zone harmonized CPI. (1) Accumulated figures; annual data include the application of wage revision clauses. (11) Accumulated data since January. (1) Period averages. (13) Level at the end of the period. (1) Percentage change accumulated since the beginning of the year. (*) Without service station. Source: S. G. de Análisis Coyuntural y Previsiones Económicas. from different sources. Latest data D. G. de Análisis Macroeconómico y Economía Internacional S. G. de Análisis Coyuntural y Previsiones Económicas

20 Graph 1. SUMMARY INDICATORS GDP AND COMPONENTS (Adjusted Data) DOMESTIC DEMAND: COMPONENTS (Adjusted Data) Domestic Demand (contrib.) GDP Net exports (contrib.) Households Cons.Exp. GFCF Equip.and others GFCF Construction INDUSTRY: PRODUCTION AND CONFIDENCE and balances 8 ACTIVITY INDICATORS IPI calendar adjusted ICl Large Firms Sales (left) Econ.Sent.I.(right) Elect.Power Con (left) IMPORTS AND EXPORTS. CUSTOMS (volume) Imports Exports CONSUMER GOODS. APPARENT CONSUMPTION 18 1 Consumer goods (adjusted) Capital goods (adjusted) EMPLOYMENT () CONSUMER PRICES () CPI 3 Core inflation Employment LFS Social Security covered workers D. G. de Análisis Macroeconómico y Economía Internacional S. G. de Análisis Coyuntural y Previsiones Económicas