ECONOMIC SCENARIO
Macroeconomic environment Spain Despite the fall in GDP in the last months of 2011, Spain’s overall economic activity for the year increased by 0.7%. Domestic demand dropped by 1.7% and the contribution of foreign demand to the growth of GDP was 2.5 pp. Only investments in capital goods showed a positive rate of growth in 2011 (1.4%). Private consumption, the driving force needed in all economies, fell slightly (-1.1%) and pu- blic consumption by 2.2%. Investments in construction were once again the worst performing variable as they fell back by 8.1%. Exports of goods and services grew by 9%, whilst imports came to a halt (-0.1%). Spain’s financing requirements fell by 0.6 pp in comparison with 2010, rea- ching 3.4% of GDP.
Unemployment rose by 2% over 2011 as a whole. The rise was not as steep as in 2010, but there was a clear negative trend as the year went on. Productivity rose by 2.8% and wages paid to salaried workers increased by 0.8%. Industrial activity aggravated job losses, as reflected by the figures of national insurance contributions, which fell by 3.6% overall during the year. The industrial production index (IPI) expe- rienced a year-on-year drop of 5.8%. It is estimated that em- ployment in the service sector underwent a year-on-year decrease of 3.3%. With regard to costs and prices, there was a curb on the growth of wages within the economy as a whole in the fourth quarter of 2011; the increase by one decimal point resulted in a 1.1% increase for the year overall.
Year-on year consumer prices went up by 2%. Energy prices rose by up to 8%. The prices of services, processed food and non-energy industrial goods grew by rates of up to 1.4%, 2.8% and 0.2%, respectively. Finally, the year-on-year price of exports grew by 4.4%.
CONSUMER INDICATORS (A)
2 0
-2 -4 -6 -8
-10 2008 2009
Retail Trade Index (A) Consumer Confidence (B)
2010 2011 2012 (B)
0.8 0.0 -0.8 -1.6 -2.4 -3.2 -4.0
The weak European economy was reflected in a decrease of our sales to EU countries, whilst exports outside the EU increased by almost 14% in comparison with the previous year. In nominal terms, both exports and imports increased over the year as a whole by 6.6% and 1.1%, respectively, which means that the year-on-year trade deficit was cut by 15%.
Tourism, however, showed great buoyancy, with increases of 6.4% in income from tourism, 7.6% in the number of fo- reign tourists and 12.7% in the number of overnight hotel stays.
FOREIGN TRADE INDICATORS (%) (A)
20 15 10 5 0
-5
-10 15 -20 -25
YEAR-ON-YEAR VARIATION RATES (%) (B)
8 6 4 2 0
2008 2009
Export of goods (A) Import of goods (B)
14 ( 2010 2011 2012
-2 -4 -6
2008 CPI
2009
2010 Services
2011 Goods
2012
ECONOMIC SCENARIO
SOURCES: National Institute of Statistics and the Bank of Spain.
ESCENARIO ECONÓMICO
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