The document provides an economic overview and statistics for Spain across several sectors:
- Unemployment decreased to 6.7% in June 2022 while average social security affiliates grew 4.3% year-over-year, showing improvement in the labor market.
- Energy consumption grew 8.2% in Spain compared to 5.8% globally, and CO2 emissions increased 10% versus 5.7% worldwide in 2021. Renewables, gas, and nuclear made up over half of Spain's energy mix.
- Tax collection in Spain reached a record high in January-May 2022, with corporate tax up 68.9% year-over-year and all other major taxes growing as well, indicating strength
1. Economy…
at a glance
July 2022
30.9
24.4
6.7
4.3
6.8
26.9
43.8
21.8
17.3
9.1
5
2.9
Oil
Gas
Renewables
Nuclear
Hydroelectric
Coal
78,444 78,770
71,697
81,538
97,097
2018 2019 2020 2021 2022
Labour market Spain (Ms. Labour. & Soc. Ec. and Incl., Soc. Sec. & Migr. )
Jun. 22
Energy landscape Spain (BP)
2021
Energy
consumption
y-o-y
World: +5.8%
+8.2%
CO2 emissions
y-o-y
World: +5.7%
+10%
% of total
Spain
World
% y-o-y change
20,348,330
y-o-y
+4.3%
Average Social
Security affiliates*
2,880,582
y-o-y
-20.3%
Unemployed*
* Original series
-3
-1
1
3
5
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
% y-o-y change
Slowdown in
job creation
+8.2%
+13.3%
+5.3%
+4.4%
+4.9%
Increase in Soc. Sec. enrolment by regions
% y-o-y change
</= national average
> national average
The Services sector stands out with a +5.4%
Tax collection Spain (Tax Agency)
Jan.-May. 22
97,097
y-o-y
+19.1%
million €
Corporate tax
y-o-y
+68.9%
Million €
All-time series
record
VAT (38.8% of total)
Personal income tax
(42.4% of total)
Excise duties on mineral oils
(5.3% of total)
Corporate tax (5.2% of total)
33,155 33,149
35,891
41,212
2019 2020 2021 2022
32,201 29,292 31,016
37,656
2019 2020 2021 2022
5,044
4,332 4,478
5,154
2019 2020 2021 2022
1,214
-2,157
3,005
5,074
2019 2020 2021 2022
-25
-15
-5
5
15
25
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Unemployed
Affiliates
+21.4%
+15.1%
+14.8%
+68.9%
In Jun.22, in seasonally adjusted terms, registered
unemployment increased by 3,720 compared to May 22.
*
* In Spain, all plants in the closure phase in 2022
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.
60%
chances of reaching
parity with $ by the end
of 2022
Jul. 22
1.0302
Evolution of the €/$ exchange rate (Bloomberg and Investing)
€/$
Manufacturing and services PMIs Eurozone (Markit)
Points
Jun. 22
points
52.1
r/ Jun. 21
-11.3p.
Manufacturing
points
52.8
r/ Jun. 21
Services
-5.3p.
63.4
52.1
58.3
53
45
47
49
51
53
55
57
59
61
63
65
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Manufacturing
Services
points
52.6
r/ Jun. 21
-7.8p.
Manufacturing
points
54
r/ Jun. 21
-8.5p.
Services
Spain
Consumer confidence United Kingdom (GfK and Bloomberg)
0.9946
1.5774
1.187
1.0302
0,9
1
1,1
1,2
1,3
1,4
1,5
1,6
Jul-02
Jul-03
Jul-04
Jul-05
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Jul-21
Jul-22
r/ Jul. 21
Market discounts
uneven pace of
ECB-Fed interest
rate hikes
r/ max. Mar. 08
-34.7%
Lowest level
since late 2002
-13.2%
Jun. 22
points
-41
Record low
-41
-45
-35
-25
-15
-5
5
15
25
Jun-22
Mar-21
Dec-19
Sep-18
Jun-17
Mar-16
Dec-14
Sep-13
Jun-12
Mar-11
Dec-09
Sep-08
Mar-07
Dec-05
Sep-04
Jun-03
Mar-02
Dec-00
Sep-99
Jun-98
Mar-97
Dec-95
Sep-94
Jun-93
Mar-92
Dec-90
Sep-89
Jun-88
Mar-87
Dec-85
Sep-84
Jun-83
Mar-82
Dec-80
Sep-79
Jun-78
Mar-77
Dec-75
Sep-74
Oil
shock
80s recession
and boom
Interest rates 15%
against inflation and
recession follows in 90s
ERM crisis
Northern Rock collapse
heralds financial crash
UK votes
to leave EU
Covid
hits
Cost of
living crisis
points
-34
Covid 2020
points
-39
2008 crisis
Other
recent falls