This document provides a summary of business and economic indicators in Spain and internationally for November 2023. It reports that Spanish GDP grew 1.8% year-over-year in Q3 2023, driven primarily by the services sector. International tourist arrivals to Spain declined 18.8% from January to September 2023 compared to the same period in 2022. Export and import prices in Spain both fell significantly in September 2023 compared to the previous year.

1. Business…
at a glance
November 2023
0
20
40
60
80
100
Jan.
Feb,
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
2023
2019
2020
5.1
5.4
1.8
0.3
0
1
2
3
4
5
6
7
8
Q3
21
Q4
21
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
quarterly
y-o-y
Export/importpricesofindustrialproductsSpain(INE)
Sep. 23
-2.1%
y-o-y
% y-o-y change Import prices by economic destination of the goods
Export
-8.1%
y-o-y
Import
% y-o-y change
GDP by sector in Spain (INE)
Q3 23
1.8%
y-o-y
% change
Significant contribution of services to growth
0.3%
quarterly
pp
International tourist arrivals in Spain (INE)
tourists
-18.8%
Jan.-Sep.23
Sep. 23
66,529,407
r/ Jan.-Sep.22
-0.6%
r/ Jan.-Sep.19
Millions of tourists accumulated Jan-Sep.23
8,823,807
tourists +15.1% r/ Jan.-Sep.19
Accumulated
expenditure
€ 84,608.3 M
+24% r/ Jan.-Sep.22
% of total cumulative tourists Top 10 countries of origin
US
7º
-15
-10
-5
0
5
10
15
20
25
30
35
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Export
Import
Jan.22 – Sep. 23
-9.2
5.1 5.4
1.8
-6.7
4.6
5.1
1.6
-10
-8
-6
-4
-2
0
2
4
6
Q3 20 Q3 21 Q3 22 Q3 23
Taxes net of subsidies
Services
Construction
Industry
Primary sector
GDP (% y-o-y change)

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.
52.6
58.2
40
42
44
46
48
50
52
54
56
58
60
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Manufacturing
Non-manufacturing
1
2
3
4
5
6
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Total
Private sector
Public sector
8.8
3.8
-2
0
2
4
6
8
10
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
monthly
y-o-y
China PMIs (NBS)
Points: ≥ 50 expansion activity; < 50 contraction
Oct. 23
49.5
points
Manufacturing
50.6
points
Non-manufacturing
49
42.6
57
51.1
52
50.7
42
44
46
48
50
52
54
56
58
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Composite PMI
Points: ≥ 50 expansion activity; < 50 contraction
CPI* Germany (Destatis)
Oct. 23
+3.8%
y-o-y
0.0%
monthly
Headline
+4.3%
y-o-y
Core**
* Provisional
** Exc. Food and energy
Components
% change
% y-o-y change
US labour costs (Bureau of Labor Statistics)
Sep. 23
+4.3%
y-o-y
Total
+4.8%
y-o-y
Public sector
% y-o-y change
+4.3%
y-o-y
Private sector
By industry
% y-o-y change
-7.6p
-3.1p
Jul.23 – Oct. 23