Foreign trade of goods Spain Public debt Spain Quarterly labour cost survey Unfilled job vacancies in Europe CPI Eurozone Economic forecasts China

1. Economy…
at a glance
December 2023
5.0
0
5
10
15
Q1
21
Q2
21
Q3
21
Q4
21
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
100.2
125.3
109.9
10.7
4.8
96
101
106
111
116
121
126
0
2
4
6
8
10
12
Q319
Q419
Q120
Q220
Q320
Q420
Q121
Q221
Q321
Q421
Q122
Q222
Q322
Q422
Q123
Q223
Q323
% of GDP (right axis) % y-o-y change
200
220
240
260
280
300
320
340
360
380
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Exports
Imports
Quarterly labour cost survey (INE)
Q3 23
y-o-y
+5%
By level of Administration
Public debt Spain (Bank of Spain)
Q3 23
of GDP
109.9%
% of GDP
% y-o-y change
y-o-y
+4.8%
1,577
bn
€2,892.73
employee/month
Total
€2,117.8
employee/month
Wages
% y-o-y change total labour cost
*In non-wage compensation, the most significant item is ▲ severance
payments
Q3 23
Foreign trade of goods Spain (M. Industry, Trade and Tourism)
Jan.-Oct. 23
€319,862.4 M
Imports
Exports
€354,594.7M
y-o-y
0.0%
y-o-y
-6.7%
Exports by sectors
Bn €
Trade
deficit
Jan.-Oct. 23
€ -34,732.4 M, -42.2% r/ Jan.-Oct. 22
Energy deficit: 81.1% of total
5.6
1.6
1.9
-12
-10
-8
-6
-4
-2
0
2
4
6
8
10
12
14
Q319
Q419
Q120
Q220
Q320
Q420
Q121
Q221
Q321
Q421
Q122
Q222
Q322
Q422
Q123
Q223
Q323
Central A. + Social S.
AACC
LLCC
% y-o-y change
Labour cost by region
Total AACC
+5.0%
Compulsory
contributions
Soc. Sec.
Perceptions
non-wage
payments*
Subsidies
and
allowances
€
employee/month
2,117.8 724.95 65.33 -15.33
% y-o-y change 4.2 7.2 10 18.7
Labour
cost
Other costs

2. 2
Economy… 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.
CPI Eurozone (Eurostat and ECB)
Economic forecasts China (Oxford Economics)
Unfilled job vacancies in Europe (Eurostat)
Q3 23
Eurozone
2.9%
% total number of jobs offered
EU 27
2.6%
%
y-o-y
-0.2pp
y-o-y
-0.3pp
By countries
14/12/23 → ECB maintains official interest rates
• Principal financing operations: 4.5%
• Marginal credit facility: 4.75%
• Deposit facility: 4%
ECB inflation forecast
% y-o-y change
y-o-y
2.4%
Nov. 23
GDP 2023
Inflation
0.4%
y-o-y
5.2%
y-o-y
2023-26 % y-o-y change
* Forecasts
% y-o-y change
GDP demand components
** Exc. Energy and food
General CPI
y-o-y
4.2%
Core*
* Exc. Energy and unprocessed food
% y-o-y change
General CPI
-0.3
Nov. 23
10.1
2.4
Nov. 20 Nov. 22
2.1
3.0 2.6
2.2
3.2
2.9
0.7
0.9
0.9
0
1
2
3
4
Q3
19
Q4
19
Q1
20
Q2
20
Q3
20
Q4
20
Q1
21
Q2
21
Q3
21
Q4
21
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
EU 27
Eurozone
Spain
5.4
2.7
2.1 1.9
5.0
2.7
2.3 2.1
2023 2024 2025 2026
General
Core**
0.9
2.0
0.4 1.5
2.4 2.3
8.5
3.0
5.2
4.4
4.0 3.9
0
3
6
9
2021 2022 2023* 2024* 2025* 2026*
Inflation
GDP