RaboResearch - Economic Research

Economic Update

Conjunctuurbeelden: altijd up to date! (Dutch)

Conjunctuurbeelden zijn onze periodieke publicaties met de actuele conjuncturele ontwikkelingen in de beschreven (industrie-)landen. Daarbij kijken we ook naar onder meer het (economische) beleid van de desbetreffende overheden en het sentiment onder ondernemers.

Economic Update

Spain: Basta recesión!

Spanish GDP rose in 13Q3, after nine quarterly contractions in a row. Although positive, we do not expect a quick recovery on the labour market. Based on the Budget 2014, the fiscal effort will be slightly less than in preceding years.

Country Report

Country Report Spain

The short term pain of the macroeconomic rebalancing process is clearly weighing on the political support to continue with necessary reforms. Without a more vigorous cleanup of the banking sector, it will remain a large drag on the recovery going forward.

Economic Update

Conjunctuurbeelden eurozone (Dutch)

De groeicijfers van het tweede kwartaal van 2013 laten een gemengd beeld zien. Zo presteerde de Duitse economie goed, maar bleven Spanje en Italië in recessie. Onze Conjunctuurbeelden in één overzicht.

Economic Update

Spain: Adios recesión?

A better than expected GDP figure for 13Q2 and rising sentiment levels suggest that economic conditions are improving. That said, a quick housing market and labour market recovery is not on the cards yet.

Economic Update Dutch version

Spain: bright spots are emerging gradually

The bright spots for the economy are beginning to emerge. Sentiment indicators increased considerably in May and June. Further, the two year relaxation of Spain’s budget targets allows the country to avoid a tougher austerity effort going forward.

Economic Update

Economic Update Spain

The first estimate of the GDP figure showed that the recession continued during 13Q1. However, there is also more positive news. The rise of the jobless rate seems to slow down and the drop in inflation might put downward pressure on wage growth.

Economic Update

Conjunctuurbeeld Spanje (Dutch)

De eerste BBP-schatting laat zien dat de recessie zich in 13K1 heeft voortgezet. Inkomende data brachten echter ook positiever nieuws. De werkloosheidsstijging lijkt langzaam af te zwakken en de inflatiedaling vergroot de kans op loonmatiging.

Country Report

Country Report Spain

Given the weak economic outlook and high unemployment, it will remain a tough challenge for the government to push through its austerity and reform agenda. Regarding structural reforms that improve long term potential growth, Spain remains on track.

Economic Update

Conjunctuurbeeld Spanje (Dutch)

Hoewel deels gedreven door eenmalige factoren, intensiveerde de krimp van zowel het BBP als de industriële productie aanzienlijk in 12K4. Positief is dat Spanje vanuit Europa vermoedelijk uitstel van haar begrotingsdoelstellingen krijgt.

Economic Update

Economic Update Spain

Although due to temporary factors, the contraction of both GDP and industrial production intensified considerably in 12Q4. On a positive note, Spain is expected to get the 'green light' for further postponing its budget deficit target this year.

Economic Report Dutch version

Spanish labour market: no recovery in sight

Faced with sky-high unemployment, Spanish policymakers have initiated radical labour market reforms. While this will hopefully lead to a turnaround in the Spanish labour market in the long run, the outlook for the next several years remains bleak.