International trade in services survey Market services turnover Spain Harmonized index of labour costs Spain Global debt Industrial production prices Germany Consumer and industrial production prices China

1. Business…
at a glance
December 2022
Harmonized index of labour costs Spain (INE)
Q3 22
Total labour
cost per hour
y-o-y
+2.7%
Cost per effective hour worked;
% y-o-y change
By branches of activity - Top 3 increases / decreases
Wage cost
per hour
y-o-y
+2.9%
Cost per effective hour worked; % y-o-y change
International trade in services* survey (INE)
Q3 22
Exports
€ 24.2 bn
y-o-y
+30.3%
Imports
€ 15.4 bn
y-o-y
+16.7%
Exports by geographical destination
(% of total) and % y-o-y change
EU-27
(42.9)
+19.5
Rest of
Europe
(19.3)
+31.7
America
(25.4)
+51.8 Other
(12.3)
+30.6
UK
(9.5)
France (9.2)
Germany (8)
+33.5%
+20.8%
+12%
Business services (31.6%)
Transport (28.4%)
Main export sectors
(% of total) and % y-o-y change
+47%
+22.2%
Teleco., IT and info (16.4%) +31.1%
* Excludes tourist services
% y-o-y change
Market services turnover* Spain (INE)
* Seasonally and calendar adjusted data
Jan.-Oct. 22
y-o-y
+21.8%
Recovery to pre-pandemic levels in all branches of
activity
Index (2015=100)
Oct. 22
monthly
-0.1%
y-o-y
+15.9%
122.8
107.5
126.2
146.3
70
80
90
100
110
120
130
140
150
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Index (2015=100)
-8
-3
2
7
12
17
Q1
20
Q2
20
Q3
20
Q4
20
Q1
21
Q2
21
Q3
21
Q4
21
Q1
22
Q2
22
Q3
22
Wage cost
Other costs*
* Compulsory social security contributions and non-wage payments
-20
-10
0
10
20
30
40
Q4
19
Q1
20
Q2
20
Q3
20
Q4
20
Q1
21
Q2
21
Q3
21
Q4
21
Q1
22
Q2
22
Q3
22
Imports
Exports

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.
Moderation
Industrial production prices Germany (Destatis)
Global debt (IMF)
2021
World GDP
247%
y-o-y
-10 pp
Total
World GDP
153%
y-o-y
-6 pp
Private(I)
Private debt (I)
% world GDP
* Average
(I) Households and non-financial corporations
136
137.2
142.6
137.1
140.5
146.2
159.5
153.5
135
140
145
150
155
160
2007
2008
2009
2010
2011-18*
2019
2020
2021
Private debt - non-financial corporations
% national GDP
Nov. 22
monthly
-3.9%
y-o-y
+28.2%
% change
% y-o-y change
By type of product
▼ level of private debt over GDP,
but pre-pandemic levels are not
recovered
Consumer and industrial production prices China (Statista)
Nov. 22
y-o-y
1.6%
CPI
y-o-y
-1.3%
PPI*
* Industrial production price index
Containment of
consumer and producer
prices in the face of weak
demand
% y-o-y change
Industrial Production Price Index
45.8
28.2
7.9
-3.9
-10
0
10
20
30
40
50
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
y-o-y
Monthly
13.5
-1.3
2.8
1.6
-2
0
2
4
6
8
10
12
14
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
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
PPI
CPI
% y-o-y change
Means of production -2.3
Mining & quarrying -3.9
Processing -3.2
Raw materials 0.3
Means of subsistence 2.0
Food 3.9
Clothing 2.3
General commodity 1.4
Durable consumer goods 0.4