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Spain GDP growth accelerates mildly in 2016

Spanish average real gross domestic product (GDP) rose 3.3 percent y/y in 2016, according to the government press release, a slightly better outturn than the 3.2 percent rate officially expected, but is yet to be confirmed by the statistical office.

However, compares favourably with an average 3.2 percent growth rate in 2015. Assuming this is the case, this suggests the country may have seen a growth rate of 0.8-0.9 percent q/q in last quarter of 2016, confirming that the economy grew at an average 0.8 percent q/q per quarter throughout 2016 - a pretty solid showing.

Spain’s economic renaissance has thus continued impressively and the country thus once again positions itself as a significant contributor to the 1.7 percent average Eurozone GDP growth that rate we expect for this year, and will likely play a key role in pushing up the region’s Q4 GDP growth rate to around 0.5 percent q/q, from 0.3 percent in the third quarter of 2016. At the margin, this is a positive development for EURUSD.

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March 29 14:00 UTC Released

USPending Sales Change MM

Actual

5.5 %

Forecast

2.4 %

Previous

-2.8 %

March 29 14:00 UTC Released

USPending Homes Index

Actual

112.3 %

Forecast

Previous

106.4 %

March 29 23:50 UTC 5353m

JPForeign Bond Investment

Actual

Forecast

Previous

149.4 bln JPY

March 29 23:50 UTC 5353m

JPForeign Invest JP Stock

Actual

Forecast

Previous

-580.4 bln JPY

March 30 00:00 UTC 6363m

AUHIA New Home Sales m/m

Actual

Forecast

Previous

-2.2 %

March 30 00:01 UTC 6464m

BRTJLP Lending Rate*

Actual

Forecast

7.50 %

Previous

7.50 %

March 30 06:00 UTC 423423m

ZAM3 Money Supply YY*

Actual

Forecast

7.90 %

Previous

7.91 %

March 30 06:00 UTC 423423m

ZAPvt Sector Credit Ext.*

Actual

Forecast

5.21 %

Previous

5.56 %

March 30 07:00 UTC 483483m

DESN State CPI MM*

Actual

Forecast

Previous

0.5 %

March 30 07:00 UTC 483483m

DESN State CPI YY*

Actual

Forecast

Previous

2.4 %

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