- In the 1st quarter of 2017, Spain's GDP grew 0.8% quarter-on-quarter and 3% year-on-year. Employment increased by 1.18% in April with 658,387 new affiliates year-on-year, the best number since 2006. Registered unemployment fell by 129,281, the largest monthly drop ever. - Inflation rose to 2.6% in April, mainly due to price increases around Easter in leisure/culture and hotels/restaurants. Exports are forecast to grow 5.7% in Spain in 2017, the second fastest growth in the Eurozone. - The public administrations' debt increased by a record €11.16

1. May 2017
O
SPAIN
Advanced GDP 1Q 2017 (INE)
In the 1Q of 2017 the GDP grew by 0.8%
quarter-on-quarter and 3% year-on-year.
Employment April 2017 (Ministry of Em-
ployment and Social Security)
In April the average affiliation to Social
Security grew 1.18% to reach 18,122,222
employed persons. In year-on-year terms,
there were 658,387 more affiliates (+3.77%),
the best number since 2006.
Additionally, registered unemployment has
been reduced by 129,281 persons, the largest
monthly drop ever, to some 3,573,036
unemployed. In comparison with April of 2016,
it dropped by 10.92% (438,135 persons), and by
17.9% among people younger than 25 (60,944
persons).
CPI (INE)
The annual rise of the CPI in April was 2.6%,
as against the 2.3% in March, and the monthly
rise of 1%. This increase in inflation is mostly
explained by the effect of Holy Week, with
prices rises in:
• Leisure and culture (3.4%), principally in
tourist packages.
• Hotels, cafés and restaurants (2%),
essentially in lodging services.
There were also price rises in Housing (5.4%),
because of an increase in the price of gas.
Core inflation (without unprocessed foodstu-
ffs or energy products) increased three deci-
mal points, to 1.2%.
Exports 2017 (European Commission)
Spain is one of the Eurozone countries that is
leading the growth in exports of goods and
services, according to the spring predictions of
the European Commission.
It is estimated that in 2017 exports from the
Eurozone will be 3.8% (vs. 2.9% in 2016), with
a growth of 5.7% for Spain, behind only
Slovakia (6.5%) and Slovenia (5.8%).
Public Administrations debt March 2017
(Bank of Spain)
In March the debt of the PPAA grew by 11.16
billion euros to 1.12 trillion, the largest increase
ever, to again surpass 100% of GDP. In year-on-
year terms, the increase was 2.9% (+32.523
billion).
By Administrations, the debt volume is divided
in the following way:
• National = 968.58 billion (year-on-year
growth of 3.2%).
• Autonomous Communities = 279.095
billion (+4.94%).
• Local governments = 32.534 billion
(-7.1%).
• Social Security: its debt remained stable
at 17.173 billion, after withdrawing 20,136
millions of the Reserve Fund in 2016.
-3
-2,1
-1,5
-0,2
0,6
1
1,7
2,2
2,7
3,1 3,4 3,6 3,4 3,4 3,2 3 3
GDP
% annual change
Source: INE 2017
2,6
1,2
-1,5
-1
-0,5
0
0,5
1
1,5
2
2,5
3
CPI
% annual change General Core
Source: INE 2017
6,5
5,8 5,7 5,6
4,4
3,9 3,8 3,8 3,8 3,7 3,7 3,6 3,6 3,5 3,4 3,4 3,3 3,2 3,2
2,3
Slovakia
Slonevia
SPAIN
Luxembourg
Portugal
Ireland
Belgium
Greece
Eurozone
Estonia
Germany
Malta
Netherlands
Lithuania
Latvia
Italy
Cyprus
Austria
France
Finland
Exports
% annual change
Source: EuropeanCommission, 2017
Así está…
The economy

2. ‘Así está…The economy’, a publication of the Círculo de Empresarios produced by its Department of the 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 any warning.
EUROPE
Advanced GDP 1Q 2017 (Eurostat)
In the 1Q of 2017, the GDP in the Eurozone and
the EU28 increased 0.5%. In year-on-year
terms, the advance was 1.7% and 2%
respectively.
Unemployment March 2017 (Eurostat)
In March, the unemployment rate was 9.5% in
the Eurozone and 8% in the EU28, the lowest
figures since 2009, as against 10.2% and 8.7%,
respectively, the year before.
The lowest rates were in the Czech Republic
(3.2%), Germany (3.9%) and Malta (4,1%),
while the highest ones were in Greece (23.5%)
and Spain (18.2%).
Unemployment among people younger than
25 was 19.4% in the Eurozone and 17.2% in the
EU28, in both cases 1.9 points below that
registered in 2016.
CO2 emissions in 2016 (Eurostat)
CO2 emissions from fossil fuels in the EU,
which account for 80% of its greenhouse gas
emissions, have dropped 0.4% with respect to
2015.
Emissions increased in most of the member
nations, with the greatest rises in Finland
(8.5%), Cyprus (7.0%), Slovenia (5.8%) and
Denmark (5.7%). Meanwhile, the largest drops
were seen in Malta (18.2%), Bulgaria (7.0%),
Portugal (5.7%) and the United Kingdom
(4.8%).
INTERNATIONAL
World growth predictions (IMF)
The IMF predicts an increase in world growth
of 3.5% in 2017 because of gains in the
advanced economies (2%) and greater
expansion in the emerging nations like China
(6.6%) and Russia (1.4%).
USA
In the 1Q of 2017 the United States GDP grew
by 0.2% quarter-on-quarter (vs. 0.5% in the
4Q of 2016) and 1.9% year-on-year (vs. 2%).
The slowdown is mainly the result of weak
private consumption, as against the notable
growth in investment. In spite of the data,
April saw the creation of 211,000 jobs, the
unemployment rated dropped slightly to 4.4%,
and salaries grew 2.5% in yearly terms.
2,5
1,9 1,7 1,6 1,5 1,4 1,3 1,2 1 0,8 0,8 0,6 0,6 0,5 0,5 0,5 0,5 0,4 0,3 0,2
-0,1
Ireland*
Estonia*
Malta*
Finland
Latvia
Lithuania
Luxembourg*
Slovenia*
Portugal
Spain
Slovakia
Germany
Cyprus
Eurozone
EU28
Belgium
Austria
Netherlands
France
Italy
Greece
GDP growth in Europe 1Q 2017
% annual change
* 4Q 2016
Source: Eurostat 2017
23,5
18,2
12,5
11,7
10,1 9,8 9,5 9 8,8 8,4 8,1 8 7,6 6,9 6,4 6 5,9 5,5 5,1 4,1 3,9
Unemployment Eurozone
% labour force
* last available data
Source: Eurostat, 2017
Germany
22,9
UK
11,7
Italy
10,1
France
9,8
Poland
9,2
SPAIN
7,7
Netherlands
4,9
Czech
Rep.
3,0
Belgium
2,5
Others
18,2
The main countries emitting CO2 Europa
% total emissions
Source:Eurostat, 2017
3,1 3,5 3,6
1,7 2,0 2,0
4,1 4,5 4,8
2016 2017 2018
GDP 2016 and forecasts 2017 and 2018
% annual change
World Advanced economies Emergent countries
Source: IMF, 2017