- Manufacturing and services PMIs in Spain and the Eurozone fell in August, indicating a contraction in activity, with declines in new orders and employment growth.
- International tourist arrivals in Spain increased by 14.7% compared to January-July 2019 but fell 0.8% compared to the same period in 2022.
- Eurozone industrial production prices declined 7.6% year-on-year in July, while the trade deficit with Russia narrowed due to lower energy imports.
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Business at a Glance: September 2023 Monthly Economic Report
1. Business…
at a glance
September 2023
46.5
49.3
40
45
50
55
60
65
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Manufacturing Services
0.2
1.7
-1.8 -2
-1
0
1
2
685000
690000
695000
700000
705000
710000
715000
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Volume
% y-o-y change (right axis)
1.9
7.2
-2.8
-3
-2
-1
0
1
2
3
4
5
6
7
8
860000
880000
900000
920000
940000
960000
980000
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Volume
% y-o-y change (right axis)
International tourist arrivals in Spain (INE)
tourists
x1.3
Jan.-Jul.23
Jul. 23
47,628,867
r/ Jan.-Jul.22
-0.8%
r/ Jan.-Jul.19
Millions of tourists accumulated Jan.-Jul.23
10,131,579
tourists
Cumulative
expenditure
+14.7% r/ Jan.-Jul.19
€ 59.8 bn
x 1.3 r/ Jan.-Jul.22
Cumulative % tourists Top 10 origin countries
US
6th
46.5 points
r/ Aug.22
-3.4points
Manufacturing
Manufacturing and services PMI Spain (Investing/Markit)
Value < 50: activity contraction / >50: expansion
Aug. 23
Services PMI
49.3 points
r/ Aug.22
-1.3points
Services
• ▼ activity for the 1st
time since Oct.22
• Decrease in new
orders
• Weakest employment
growth since Jan.23
Deteriorating expectations,
especially in manufacturing
Corporate and household financing (Bank of Spain)
Million € and % y-o-y change
Jul. 23
-2.8%
Companies
Households
y-o-y
-1.8%
y-o-y
Companies Households
0
10
20
30
40
50
60
70
80
90
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
2023 2019 2020
2021 2022
2. Business… at a glance. a publication of the “Círculo de Empresarios” produced by its Department of Economy. contains information and opinion from reliable sources. However. the “Círculo de
Empresarios” does not guarantee its accuracy and does not take responsibility for any errors or omissions. This document is merely informative. As a result. the “Círculo de Empresarios” is not responsible
for any uses that may be made of the publication. The opinions and estimates of the Department can be modified without prior warning.
63.4
43.5
63.4
47.9
Feb-21
May-21
Aug-21
Nov-21
Feb-22
May-22
Aug-22
Nov-22
Feb-23
May-23
Aug-23
Eurozone
US
Industrial production prices in Europe (Eurostat)
Jul. 23
monthly
-0.5%
y-o-y
-7.6%
Eurozone
% y-o-y change Major economies in the Eurozone
0.4
43.4
-7.6
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Jul.23
EU-Russia trade (Eurostat)
Jun. 23
Destabilized data
Imports
extra-EU
Russia's share in
1.7%
Exports
extra-EU
1.4%
Bn €
▼ deficit mainly due to ▼ energy imports
Trade balance. Bn €
Manufacturing
Manufacturing and services PMIs Eurozone and US (Markit)
Aug. 23
-6.1p.
-3.6p.
y-o-y
43.5 points
47.9 points
y-o-y
Services
-1.9p.
+6.8p.
y-o-y
47.9 points
50.5 points
y-o-y
Value < 50: activity contraction / >50: expansion
% y-o-y change
Jan-21 – Jul-23
2
7
12
17
22
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Imports
Exports
-40.4
-5.7
-45.0
-1.6
-50
-40
-30
-20
-10
0
Q121Q221Q321Q421Q122Q222Q322Q422Q123Q223
Energy Total
47.9
70.4
59.9
50.5
Feb-21
May-21
Aug-21
Nov-21
Feb-22
May-22
Aug-22
Nov-22
Feb-23
May-23
Aug-23
Eurozone
US