Spain

Review with an upward trend of the growth of the GDP in 2015 and 2016

The review of the annual series of the GDP 2014-2016, made by the INE, raises the growth in 2015 until 3.4 % (vs 3.2 previous) and at 3.3 % in 2016, a tenth one above the advanced thing for the Quarterly Accounting. The composition of the growth also varies, when raising the contribution of the external demand to 0.7 p.p. in 2016 (vs 0.5 previous) and to reduce the contribution of the intern at 2.5 % (vs 2.8 % previous).

On the other hand, the inflation recovered a tenth one in August, until 1.6 %, as a result of the markup of the energy, whereas the underlying one was reduced in two tenth until 1.2 %, for the smaller inflation in industrial communications and goods not energetic. The differential with the EMU is expanded in a tenth one (until 0.5 p.p.). For the latest quarter of the year, foresee an intense fall of the inflation, when correcting big increases in energy at the end of 2016, in such a way that the CPI would be able to close the year in the 0.8 %, with an annual average of the 1.9 %.

Source: Bankia Studies