SPAIN WEEKLY ECONOMIC BULLETIN
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1 SPAIN WEEKLY ECONOMIC BULLETIN JANUARY 18 th 19
2 NIPO: Elaboración y coordinación: Secretaría de Estado de Economía y Apoyo a la Empresa Dirección General de Análisis Macroeconómico Subdirección General de Coyuntura 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) January 18, 19 Year-on-year growth rate in % DEMAND 17 18() 17 III 17 IV 18 I 18 II 18 III 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 15 DOMESTIC DEMAND: COMPONENTS () - GDP () Net exports () Domestic demand () Private Consumption Expenditure GFCF Construction GFCF Equipm.and cultivat.assets NET EXPORTS: COMPONENTS () 8 GVA NON AGRICULTURAL SECTORS () -8 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) January 18, 19 DEMAND Quarter-on-quarter growth rate in % 17 II 17 III 17 IV 18 I 18 II 18 III 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 GDP (q-o-q % change) 8 DOMESTIC DEMAND: COMPONENTS (q-o-q % change) Net Exports (3) 1 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 Goods and services exports GVA Construction - Goods and services imports GVA Services
6 Table1b. QUARTERLY NATIONAL ACCOUNTS: WAGES. PRODUCTIVITY AND LABOUR COST (1) Year on year percentage change January 18, 19 Quarter on quarter percentage change 17 18() IV.Q.17 I.Q.18 II.Q.18 III.Q.18 IV.Q.17 I.Q.18 II.Q.18 III.Q.18 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 (CN-1). UNIT LABOUR COST AND THEIR COMPONENTS TOTAL ECONOMY Compensation per employee MANUFACTURING Labour productivity Unit labour cost 3-3 Compensation per employee Labour productivity Unit labour cost TOTAL ECONOMY q-o-q % change Compensation per employee MANUFACTURING q-o-q % change 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) January 18, 19 Previous Latest 17 18(1) 18 I 18 II 18 III(1) 18 IV(1) data data Date GENERAL Composite Activity Indicator () Q.. 18 Social Security covered workers Dec. 18 Electric power consumption (3) " Non energy imports (vol.) Oct. 18 Households & business financing () Nov. 18 Economic Sentiment Indicator Dec. 18 Large Firms Sales (5) Nov. 18 Central Balance Sheet (Quarterly) - Gross operating income Q ROI -Cost of debt () " INDUSTRY Composite Industry Indicator () Q.. 18 IPI calendar adjusted Nov. 18 Social Security covered workers Dec. 18 Business Surveys (balances in pp) - Industry confidence indicator (sa) " - Industry unfilled orders " - Inventories " Industry capacity utilization (sa) % Q.. 18 Industry Turnover Index (7) Oct. 18 Industry new orders (7) " Manufacturing PMI Index Dec. 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: MTMS, REE, BE, AEAT, INE, European Commission, Markit. 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) January 18, 19 CONSTRUCTION Previous Latest 17 18(1) 18 I 18 II 18 III(1) 18 IV(1) data data Date Composite Construction Indicator () Q.. 18 Production in Construction Index () Nov. 18 Social Security covered workers Dec. 18 Floorage approvals: total Oct. 18 Floorage approvals: housing " Official bidding (at current prices) " Construction confidence indicator (3) Dec. 18 Mortgages. Number Oct. 18 ". Amount borrowed " Housing: Prices per sq meter Q Dwelling sales Nov New " - Used " SERVICES Composite Services Indicator () Q.. 18 Social Security covered workers Dec. 18 Foreign tourists Nov. 18 Tourists total expenditure " Hotel overnight stays " Retail trade confidence indicator (3) Dec. 18 Services confidence indicator (3) " Services Turnover Index () Oct. 18 Services PMI Index Dec. 18 (1) Available period data. () Adjusted for seasonal, calendar and outliers effects. (3) Balances in percentage points. (sa). () Adjusted for calendar. Sources: Eurostat, MTMS, MFOM, Markit, INE, European Commission and SGCPE. 8 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 1 3 SERVICES INDICATORS Confidence Indicator (balances) 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) January 18, 19 Previous Latest 17 18(1) 18 I 18 II 18 III(1) 18 IV(1) data data Date PRIVATE CONSUMPTION Composite Consumption Indicator () Q.. 18 Retail sales index deflated (*) Nov. 18 Consum.goods.Apparent consumption() Oct. 18 IPI consumer goods (calendar adjusted) Nov. 18 Consumer goods imports (vol.) Oct. 18 Passenger car registrations Dec. 18 Real wages (3) Q Consumer confidence indicator () Dec. 18 Large firms sales. Consumption (5) Nov. 18 EQUIPMENT INVESTMENT Composite Equipment Indicator () Q.. 18 Capital goods.apparent consumption() Oct. 18 IPI capital goods (calendar adjusted) Nov. 18 Capital goods imports (vol.) Oct. 18 Truck registrations Dec. 18 Large firms sales. Capital (5) Nov. 18 BUSINESS SURVEYS Consumer goods. Capacity utilization (%) Q.. 18 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: SGCPE, INE, AEAT, European Commission, ANFAC and MICT. 3 CONSUMER CONF. INDICATOR AND PASSENGER CAR REG. (balances and ) 1 IPI (CALENDAR ADJUSTED) Consumer goods Capital goods Passenger car registrations Consumer Confidence I.(right s.) CONSUMER GOODS: COMPOSITE AND APPARENT CONSUMPTION () 5 15 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) January 18, 19 Previous Latest 17 18(1) 18 I 18 II 18 III(1) 18 IV(1) data data Date LEADING INDICATORS Housing starts (thousands) Mar. 17 Floorage approvals: housing Oct. 18 Official bidding. Residential " Housing order books (balances in pp) Nov. 18 COINCIDENT INDICATORS Housing investment Q Construction GVA " Composite Housing Indicator () Q.. 18 CIPI(3). Building Nov. 18 IPI art.of concrete,cement & plaster() " IPI Clay building materials() " Construction employment. LFS Q Construction unemployment. LFS " HOUSING MARKET ACTIVITY Housing. Built for sale (thousands) Oct. 18 Housing sales (thousands) Nov New " - Used " Non-resident foreigners transactions Q Housing investment deflator (QNA) () " Housing Price Index " - New " - Used " Rental CPI Dec. 18 FINANCIAL CONDITIONS New housing mortgages - Number Oct Amount borrowed " Interest rate on house purchase (5) Nov. 18 Credit to households for housing " Delinquency household loans ratio (%) Q Affordability based on wages (%) Q ) Available period data. () Calendar and seasonal adjusted series. (3) Construction Industry Production Index. () Corrected for calendar effects. (5) To households. Annual equivalent rate. Sources: MECE, INE, MFOM, MICT, 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 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) 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.) Housing Prices per m Interest rate on house purchase (right s.) UNEMPLOYMENT RATE & AFFORDABILITY percentage 8 Unemployment rate 38 Affordability based on wages (right s.) HOUSEHOLDS LOANS DELINQUENCY RATIO percentage
12 Table 5. EXTERNAL DEMAND, BALANCE OF PAYMENTS AND NET EXTERNAL RESERVES January 18, 19 Total Jan.-last month (1) 1() 17() Previous Latest Date FOREIGN TRADE (Custom basis) Million euros: - Exports Oct Imports Trade balance % change year on year:- Exports. Value BALANCE OF PAYMENTS (Million euros) Volume Imports. Value Volume Trade balance. Value Goods and services Oct. 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.3 18 (1) Accumulated figures. () 1 and 17 data are final. (3) End of period data. Sources: DA, BE and SGCPE Smoothed Original EXPORTS. VOLUME 11 IMPORTS. VOLUME Smoothed Original BALANCE OF PAYMENTS quarterly averages. Billion euros 1-1 NET CHANGE IN BE POSITION WITH EUROSYSTEM billion euros - Current & capital balance Trade balance
13 Table. LABOUR MARKET January 18, 19 Latest data Change over previous year, thousands Percentage change over previous year Average Average Previous Latest Average Average Previous Latest Date Thousands 17 18(1) data data 17 18(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 Dec Registered contracts () " Permanent contracts() " Temporary contracts () " SOCIAL SECURITY SYSTEM Covered workers (3) Dec Payroll employment (3) 18 " (1) Available data period. () Aggregate data for the average. (3) Monthly average. Sources: INE and MTMS. EMPLOYMENT (LFS) % change over previous year 1 UNEMPLOYED % change over previous year Unemployment LFS 3 8 Registered unemployment -3 Employment LFS -8 - Social security covered workers EMPLOYEES (LFS) % change over previous year 8 UNEMPLOYMENT RATE (LFS) % of labour force Total Permanent workers All Men Women
14 Table 7. PRICES AND WAGES (Year-on-year percentage change) January 18, 19 DEC. DEC Previous Latest (1) 1 17 data data Date CONSUMER PRICES (CPI). Headline Dec. 18 Food " Non food " - Industry excluding energy " - Services " - Energy " Core () " HARMONIZED INFLATION DIFF.(3): Total " Core " INDUSTRIAL PRODUCER PRICES: Total Nov. 18 Consumer goods " UNIT VALUE INDEX: Exports Oct. 18 Imports " WAGES: Collective bargaining () , Dec. 18 Total labour cost per worker (5) Q.III 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 until the last period available. (5) Data for December refer to th quarters. Sources: INE, Eurostat, DA, SGCPE and MTMS. CONSUMER PRICES Headline inflation 1 PRODUCER PRICES Core inflation 5-5 All items Consumer goods HARMONIZED INFLATION DIFFERENTIALS percentage points Headline WAGE INCREASE Agreed wages index 1 Core Total wage cost per worker
15 Table 8. PUBLIC SECTOR: STATE OPERATIONS (Accumulated figures in million euro) January 18, 19 IN CASH BASIS IN CASH BASIS NATIONAL ACCOUNTING December December % November November % November November % REVENUE 133, ,5-1. 1, , ,753 18, Taxes 1,915 1, ,11 18, , ,59 8. Personal income tax 35,799 3,8. 35,13 38, Corporate income tax 1,78 3, ,53 1,98 1. VAT 31,58 9, ,373 3, Excise duties 7,739 7, ,1, Other taxes 8,17 8, ,7 8, Other revenue (1) 8,7, ,77,57.1 1,3 3, EXPENDITURE 19,791 17, ,7 137, ,87 193,353. Wages and salaries () 1,7 15, ,755 1, Goods and services 3,51 3,355 -.,58, Interest payments 3,78 3, ,855 9,7 -. Current transfers () 85,97 85, ,11 8,98.9 Fixed investment,338 5,33.9 3,9 3, Capital transfers 8,15 7,11 -.7,1, NET OVERALL BALANCE (1-) -1,3-1,9.5-1,837 -, ,9-1, Pro-memoria Total taxes (3) 18,97 19, ,18 193,5 8. Personal income tax 7,1 77,38. 7,19 77, VAT,85 3,7 1.3,9, Excise duties 19,8,38. 18,9 18,9 1. (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: MHAC. STATE OPERATIONS Accumulated figures in the last 1 months ( billion) Revenue Expenditure 175 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 January 18, 19 DEC OCT NOV DEC JAN-1 JAN-17 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 MECE 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) January 18, 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 -. III Nov Dec Dec France.3.3 III Nov Dec III U.Kingdom 1.8. III Nov.3.1 Dec.1.1 Oct Italy III Nov Dec Nov Spain (3) 3.. III Nov Dec III EU.5.3 III Nov. 1.7 Dec.7.7 Nov - - Euro area.5. III Nov Dec Nov US...8 III Nov. 1.9 Dec Dec Japan III Nov.9.3 Dec..5 Nov OECD.. III... Sep Nov Nov (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 France Germany US Spain Germany France US Spain CPI France 5 BUDGET BALANCE % GDP Germany US Spain France -1 Germany US
18 Table 11. INTERNATIONAL INDICATORS (II) January 18, 19 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 Nov Nov 5.1 III France -..3 Nov Nov -1.5 Nov U.Kingdom Nov.. Nov -9.3 III Italy -.. Nov -..1 Nov 5.9 Oct Spain 5.7. Oct Oct 1.3 Oct EU.5. Nov Nov Euro area Nov Nov 353. Nov US Oct.1 1. Oct III Japan -3.. Nov Nov 1.1 Nov (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. 1 EXPORTS OF GOODS. Smoothed series 1 IMPORTS OF GOODS. Smoothed series - Spain France - Spain France -1 Gerrmany US Germany US CURRENT ACCOUNT % GDP 3 Spain STOCK MARKETS Decembre =1 Germany US 1 Spain France Germany US
19 Table 1. SUMMARY OF INDICATORS Year-on-year percentage change except as indicated January 18, 19 Last Quarters Previous data (1) I.18 II.18 III.18 IV.18(1) Date Activity GDP volume (QNA)() Q Domestic demand contribution () Q Net exports contribution () Q Composite Activity Indicator (sca) Q.. 18 Large Firms Sales (sca) Nov. 18 Economic Sentiment Indicator Dec. 18 Electric power consumption (3) Dec. 18 IPI calendar adjusted Nov. 18 Industrial Confidence Indicator () Dec. 18 Production in Construction Index (5) Nov. 18 Industry capacity utilization (sa) % Q.. 18 Domestic Demand Consumer Goods.Apparent consumption Oct. 18 Retail sales index (5)(*) Nov. 18 Passenger car registrations () Dec. 18 Consumer confidence indicator () Dec. 18 Capital Goods.Apparent consumption Oct. 18 Truck registrations () Dec. 18 Private Sector Financing (def.) Nov. 18 External Demand (Custom Basis) Export of goods: Value Oct. 18 Volume Oct. 18 Import of goods: Value Oct. 18 Volume Oct. 18 Trade balance. Value (mill. )(7) Oct. 18 Labour Market Labour force Q Employment Q Unemployment Q Unemployment rate % of lab.force Q Registered unemployment Dec. 18 SS covered workers Dec. 18 Prices and Wages CPI Dec. 18 Core CPI (8) Dec. 18 CPI differential eurozone (9) Dec. 18 Producer prices Nov. 18 Wages Collective bargaining (1) Dec. 18 Total labour cost per worker Q Public Sector (11) IV.17 I.18 II.18 III.18 General government balance (% GDP) General government debt (% GDP) September October November Gov.Balance without local gov (% GDP) State balance (% GDP) General government debt. Value (bn ) Sector Monetario y Financiero (1) Sep. Oct. Nov. Dec. 3-Jan 1-Jan 17-Jan 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 until the last period available. (11) Accumulated data at the end of the period. (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 S. G. de Coyuntura 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 1 5 Consumer goods (adjusted) Capital goods (adjusted) EMPLOYMENT () CONSUMER PRICES () CPI Core inflation Employment LFS Social Security covered workers D. G. de Análisis Macroeconómico S. G. de Coyuntura y Previsiones Económicas
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