BoS Macro Sept2012

CONTENTS
These economic indicators are permanently updated on the Banco de Espaa website
(http://www.bde.es/homee.htm). The date on which the indicators whose source is the
Banco de Espaa [those indicated with (BE) in this table of contents] are updated is published
in a calendar that is disseminated on the Internet (http://www.bde.es/estadis/estadise.htm).
MAIN MACROECONOMIC
1.1
MAGNITUDES
Gross domestic product. Volume chain-linked indices, reference
4*
year 2008 = 100. Demand components. Spain and euro area

1.2
5*
year 2008 = 100. Demand components. Spain: breakdown

1.3
6*
year 2008 = 100. Branches of activity. Spain
INTERNATIONAL ECONOMY
1.4
Gross domestic product. Implicit deflators. Spain
2.1
International comparison. Gross domestic product at constant prices
2.2
International comparison. Unemployment rates
2.3
International comparison. Consumer prices
2.4
Bilateral exchange rates and nominal and real effective exchange rate
2.6
10-year government bond yields on domestic markets
2.7
International markets: non-energy commodities price index. Crude oil
14*
15*
3.1
Indicators of private consumption. Spain and euro area
Investment in industry (excluding construction): opinion surveys. Spain 16*
3.3
Construction. Indicators of building starts and consumption of cement.
17*
18*
3.4
Industrial production index. Spain and euro area
3.5
Monthly business survey: industry and construction. Spain and euro
19*
3.6
Business survey: capacity utilisation. Spain and euro area
3.7
Tourism and transport statistics. Spain
20*
21*
22*
4.1
Labour force. Spain
4.2
Employment and wage-earners. Spain and euro area
4.3
Employment by branch of activity. Spain
4.4
Wage-earners by type of contract and unemployment by duration.

Spain
4.5
23*
24*
25*
Registered unemployment by branch of activity. Contracts and

placements. Spain
1*
13*
3.2
area
BANCO DE ESPAA
12*
Official intervention interest rates and short-term interest rates
Spain
LABOUR MARKET
11*
2.5
and gold price
8*
9*
10*
indices for the euro, US dollar and Japanese yen
NATIONAL DEMAND
AND ACTIVITY
7*
26*
27*
4.6
Collective bargaining agreements
4.7
Quarterly labour costs survey
4.8
Unit labour costs. Spain and euro area
ECONOMIC BULLETIN, SEPTEMBER 2012 ECONOMIC INDICATORS
28*
29*
PRICES
5.1
GENERAL GOVERNMENT
BALANCE OF PAYMENTS,
FOREIGN TRADE
AND INTERNATIONAL
INVESTMENT POSITION
Consumer price index. Spain (2006 = 100)
30*
5.2
Harmonised index of consumer prices. Spain and euro area (2005 = 100) 31*
5.3
Producer price index. Spain and euro area (2005=100)
5.4
Unit value indices for Spanish foreign trade
32*
33*
6.1
State resources and uses according to the National Accounts. Spain
6.2
State financial transactions. Spain1
35*
6.3
State: liabilities outstanding. Spain1
36*
7.1
Spanish balance of payments vis--vis other euro area residents

and the rest of the world. Current account1 (BE)
7.2
39*
Spanish foreign trade with other euro area countries and with the rest
of the world. Imports and arrivals
7.5
38*
of the world. Exports and dispatches
7.4
37*
Spanish balance of payments vis--vis other euro area residents

and the rest of the world. Financial account (BE)
7.3
40*
of the world. Trade balance: geographical distribution
7.6
41*
Spanish international investment position vis--vis other euro area

residents and the rest of the world. Summary1 (BE)
7.7
42*
Spanish international investment position vis--vis other euro area

residents and the rest of the world. Breakdown by investment1 (BE)
1
Spanish reserve assets (BE)
7.9
Spanish external debt vis--vis other euro area residents and the rest
8.1
43*
44*
7.8
of the world. Summary1 (BE)

FINANCIAL VARIABLES
34*
45*
Consolidated balance sheet of the Eurosystem, and balance sheet

of the Banco de Espaa. Net lending to credit institutions and its
counterparts (BE)
8.2
46*
Cash and cash equivalents, other liabilities of credit institutions and

mutual funds shares of non-financial corporations, households and
NPISHs resident in Spain (BE)
8.3
47*
Cash and cash equivalents, other liabilities of credit institutions and

mutual funds shares of non-financial corporations resident in Spain
(BE)
8.4
48*
Cash and cash equivalents, other liabilities of credit institutions and mutual
funds shares of households and NPISHs resident in Spain (BE) 49*
Financing of non-financial sectors resident in Spain (BE)
8.6
Financing of non-financial corporations, resident in Spain (BE)
8.7
Financing of households and NPISHs resident in Spain (BE)
53*
Gross financing of Spains general government (BE)
8.9
Lending by credit institutions to other resident sectors. Breakdown
54*
8.10
Profit and loss account of banks, savings banks and credit co-operatives
8.11
Mutual funds resident in Spain
8.12
Share price indices and turnover on securities markets. Spain and euro
resident in Spain (BE)
area
2*
51*
52*
8.8
by end-use (BE)
BANCO DE ESPAA
50*
8.5
55*
56*
57*
IMF Special Data Dissemination Standard (SDDS).
INTEREST RATES
AND INDICES OF SPANISH
COMPETITIVENESS
9.1
Interest rates. Eurosystem and money market. Euro area and Spain
(BE)
58*
Interest rates: Spanish short-term and long-term securities markets1
9.2
(BE) 59*
9.3
Interest rates on new business. Credit institutions (CBE 4/2002) (BE)
9.4
Indices of Spanish competitiveness vis--vis the EU-27 and the euro

area
9.5
61*
Indices of Spanish competitiveness vis--vis the developed countries

and industrialised countries
BANCO DE ESPAA
3*
62*
IMF Special Data Dissemination Standard (SDDS).
60*
1.1. GROSS DOMESTIC PRODUCT. VOLUME CHAIN-LINKED INDICES, REFERENCE YEAR 2008=100. DEMAND COMPONENTS.
SPAIN AND EURO AREA (a)
Series depicted in chart.
Annual percentage changes
GDP
Euro
area
Spain
09
10
11
09 Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
Final consumption
of households
and NPISHs
Euro
area
(c)
Spain
(b)
3
General government final

consumption
Euro
area
(d)
Spain
Gross fixed
capital
formation
Spain
(e)
9
Exports of
goods and
services
Euro
area
10
Imports of
goods and
services
Euro
area
(f)
Spain
11
12
Spain
13
Memorandum item:
GDPmp (current
prices) (g)
Euro
area
(f)
14
Euro
area
Spain
15
16
P
P
P
-3.7
-0.3
0.4
-4.4
2.0
1.5
-3.8
0.7
-0.9
-1.0
1.0
0.1
3.7
1.5
-0.5
2.6
0.8
-0.1
-18.0
-6.2
-5.3
-12.7
-0.3
1.6
-6.3
-0.6
-1.9
-3.7
1.3
0.5
-10.0
11.3
7.6
-12.2
10.9
6.4
-17.2
9.2
-0.9
-10.9
9.3
4.2
1 048
1 049
1 063
8 921
9 174
9 422
P
P
-4.0
-3.1
-4.4
-2.4
-2.9
-1.6
-1.0
-0.1
3.4
1.8
2.6
2.5
-18.0
-15.4
-13.3
-10.5
-5.8
-4.5
-3.8
-2.8
-9.9
-0.5
-12.6
-4.5
-14.9
-5.5
-11.2
-5.7
261
260
2 231
2 243
P
P
P
P
-1.5
-0.2
0.0
0.4
1.0
2.3
2.3
2.3
0.4
1.8
-0.2
0.7
0.7
0.9
1.2
1.2
1.0
2.2
2.5
0.3
1.5
1.0
0.7
-0.0
-8.1
-4.7
-6.1
-5.8
-4.3
0.5
1.4
1.4
-1.5
0.5
-0.9
-0.7
-0.1
1.8
1.5
1.8
9.5
12.5
10.6
12.4
7.3
12.8
11.9
11.6
8.5
14.6
6.6
7.5
4.5
11.8
10.1
10.7
261
262
262
264
2 261
2 290
2 306
2 317
P
P
P
P
0.5
0.5
0.6
-0.0
2.4
1.6
1.3
0.6
0.0
-1.0
-0.4
-2.5
0.9
0.3
0.2
-0.8
2.2
-0.5
-2.7
-1.1
0.2
0.0
-0.4
-0.3
-6.0
-4.9
-4.2
-6.0
3.4
1.3
0.7
0.8
-0.9
-1.8
-1.8
-3.1
1.6
0.9
0.4
-0.7
10.2
7.1
7.6
5.8
10.2
6.1
5.7
3.4
4.5
-1.6
-1.2
-4.9
8.4
4.5
3.5
0.4
265
266
266
266
2 342
2 355
2 363
2 361
P
P
-0.6
-1.3
-0.0
-0.5
-1.4
-2.2
-1.0
-0.7
-3.6
-3.0
-0.0
0.1
-7.7
-9.4
-2.4
-3.0
-3.2
-3.9
-1.6
-2.1
2.8
3.3
2.6
3.4
-5.9
-5.4
-0.9
-0.3
265
263
2 369
2 375
DEMAND COMPONENTS. SPAIN AND EURO AREA

GDP. AND DOMESTIC DEMAND. SPAIN AND EURO AREA

Euro
area
Spain
Domestic
demand
GDP SPAIN
GDP EURO AREA
DOMESTIC DEMAND SPAIN
DOMESTIC DEMAND EURO AREA
FINAL CONS. HOUS. AND NPISHs. SPAIN

FINAL CONS. HOUS. AND NPISHs. EURO AREA
GFCF SPAIN
GFCF EURO AREA
%
-2
-2
-2
-2
-4
-4
-4
-4
-6
-6
-6
-6
-8
-8
-8
-8
-10
-10
-10
-10
-12
-12
-12
-12
-14
-14
-14
-14
-16
-16
-16
-16
-18
-18
-18
-18
-20
-20
-20
-20
-22
-22
-22
2009
2010
2011
2012
2009
2010
2011
2012
-22
Sources: INE (Quarterly National Accounts of Spain. Base year 2008) and Eurostat.
a. Spain: prepared in accordance with ESA95, seasonally- and working-day-adjusted series (see Economic bulletin April 2002); Euro area, prepared in accordance with
ESA95. b. Final consumption expenditure may take place on the domestic territory or abroad (ESA95, 3.75). It therefore includes residents consumption abroad, which is
subsequently deducted in Imports of goods and services. c. Euro area, private consumption.
d. Euro area, government consumption. e. Residents demand within and outside the economic territory.
f. Exports and imports comprise goods and services and include cross-border trade within the euro area. g. Billions of euro.
BANCO DE ESPAA
4*
1.2. GROSS DOMESTIC PRODUCT. VOLUME CHAIN-LINKED INDICES. REFERENCE YEAR 2008=100. DEMAND COMPONENTS.
SPAIN: BREAKDOWN (a)
Gross fixed capital formation
Exports of goods and services
Tangible fixed assets

Total
Intangible Change
fixed
in
assets
Stocks
Construc- Equipment
(b)
tion
and
cultivated
assets
Total
09
10
11
09 Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
Of which
Total
P
P
P
-18.0 -18.5
-6.2
-6.7
-5.3
-5.8
-16.6
-9.8
-9.0
-23.9
2.6
2.3
-7.5
3.5
3.1
-0.0 -10.0
0.1 11.3
-0.1
7.6
P
P
-18.0 -18.6
-15.4 -15.9
-17.1
-16.2
-22.7
-15.2
-6.7
-6.1
-0.1
-0.0
Goods
Of which
Services Final con- Total

sumption
of nonresidents
in
economic
territory
9
10
11
Goods
Memorandum items
Services Final con- Domestic GDP

sumption demand
of resi(b) (c)
dents in
the rest
of the
world
13
14
15
16
12
-10.4
15.1
8.5
-9.2
4.1
5.8
-9.6
2.6
6.4
-17.2
9.2
-0.9
-18.7
12.1
-0.7
-11.4
0.3
-1.4
-13.3
0.4
-4.5
-6.6
-0.6
-1.9
-3.7
-0.3
0.4
-9.9
-0.5
-9.5
4.7
-10.6
-10.0
-9.4
-5.8
-14.9
-5.5
-16.1
-4.3
-10.2
-9.7
-11.7
-7.3
-6.2
-4.8
-4.0
-3.1
P
P
P
P
-8.1
-4.7
-6.1
-5.8
-8.7
-5.3
-6.5
-6.4
-11.0
-9.3
-9.7
-9.2
-1.3
7.3
3.0
1.8
2.8
6.5
0.9
3.8
0.1
0.2
0.2
0.1
9.5
12.5
10.6
12.4
15.0
16.9
13.2
15.4
-0.3
4.3
5.9
6.7
0.3
0.6
5.1
4.5
8.5
14.6
6.6
7.5
10.6
18.2
9.7
10.1
2.1
3.2
-3.2
-0.9
-2.1
1.0
2.5
0.2
-1.5
0.6
-0.9
-0.7
-1.5
-0.2
0.0
0.4
P
P
P
P
-6.0
-4.9
-4.2
-6.0
-6.7
-5.4
-4.7
-6.6
-10.8
-8.5
-8.0
-8.6
4.9
2.9
3.5
-1.7
4.1
1.4
4.9
2.0
0.0
-0.1
-0.1
-0.1
10.2
7.1
7.6
5.8
14.0
8.0
8.4
4.2
2.8
5.2
5.9
9.4
5.5
8.4
5.9
5.8
4.5
-1.6
-1.2
-4.9
6.4
-1.2
-1.9
-5.8
-1.9
-3.1
1.3
-2.0
-2.6
-6.0
-5.1
-4.3
-0.9
-1.8
-1.8
-3.1
0.5
0.5
0.6
-0.0
P
P
-7.7
-8.4
-9.4 -10.3
-9.5
-11.8
-5.9
-6.9
3.0
2.9
-0.0
-0.0
2.8
3.3
2.9
3.6
2.7
2.6
-0.8
-2.3
-5.9
-5.4
-5.6
-5.9
-7.3
-3.4
-8.5
-2.7
-3.2
-3.9
-0.6
-1.3
GDP. DEMAND COMPONENTS

GDP. DOMESTIC DEMAND

GFCF ON EQUIPMENT AND CULTIVATED ASSETS

EXPORTS
IMPORTS
%
GDPmp
DOMESTIC DEMAND (b)
20
Imports of goods and services
20
20
20
10
10
10
10
-10
-10
-10
-10
-20
-20
-20
-20
-30
-30
-30
-30
-40
-40
-40
2009
2010
2011
2012
2009
Source: INE (Quarterly National Accounts of Spain. Base year 2008).

a. Prepared in accordance with ESA95, seasonally- and working-day-adjusted series (see Economic bulletin April 2002).
b. Contribution to GDPmp growth rate.
c. Residents demand within and outside the economic territory.
BANCO DE ESPAA
5*
2010
2011
2012
-40
1.3. GROSS DOMESTIC PRODUCT. VOLUME CHAIN-LINKED INDICES. REFERENCE YEAR 2008=100. BRANCHES OF ACTIVITY. SPAIN (a)
Gross
Agridomestic
culture
product
livestock
at market breeding,
prices
forestry
and
fishing
1
09
10
11
09 Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
Industry
Construction
industry
Services
Of which
Total
Total
Manufacturing
industry
Trade,
Informa- Financial
transport
tion
and
and
and
insurance
acomoda- communi- activities
tion
cations
Real
estate
activities
Professional
activities
10
11
Public Administration,
Health and
Education
12
Artistic,
recreational
and other
services
activities
13
14
P
P
P
-3.7
-0.3
0.4
-3.2
2.0
8.2
-12.1
4.3
2.7
-13.1
3.9
2.9
-7.8
-14.3
-5.9
-0.6
1.2
1.4
-1.9
1.6
1.1
0.9
6.5
3.9
-4.0
-3.7
-3.6
0.0
-0.9
2.7
-2.6
-0.2
3.2
2.3
2.4
1.1
0.3
0.3
1.4
-5.4
0.1
-5.5
P
P
-4.0
-3.1
-2.3
-1.3
-14.6
-10.1
-16.1
-11.1
-9.0
-9.3
0.0
0.0
-1.2
0.1
-0.3
4.6
-0.2
-6.4
0.4
0.6
-3.0
-2.6
2.8
1.4
1.4
1.6
-6.4
-5.3
P
P
P
P
-1.5
-0.2
0.0
0.4
1.5
1.1
1.3
4.1
-0.2
6.2
5.8
5.4
-1.1
6.2
5.6
5.2
-12.7
-15.1
-15.5
-13.8
0.3
1.1
1.5
1.7
1.1
1.8
1.6
1.8
5.3
7.2
7.4
6.0
-7.3
-5.5
-1.3
-0.2
-1.9
-0.8
-1.1
0.0
-0.9
-0.0
0.2
-0.1
1.6
1.8
3.0
3.3
2.1
1.6
-0.7
-1.6
-1.4
1.1
0.7
0.1
P
P
P
P
0.5
0.5
0.6
-0.0
8.1
8.2
8.7
7.8
5.8
2.4
2.5
0.2
6.1
2.7
2.7
0.1
-8.6
-6.1
-4.3
-4.5
1.3
1.6
1.6
1.1
1.8
2.0
1.0
-0.2
4.1
3.6
4.3
3.7
-6.5
-4.9
-3.4
0.4
2.8
2.3
2.9
2.8
2.9
3.1
3.6
3.4
1.1
1.8
1.3
0.3
-0.3
0.1
3.1
2.9
-4.7
-5.3
-6.0
-5.9
P
P
-0.6
-1.3
2.6
2.5
-3.4
-3.1
-4.4
-4.6
-7.3
-7.1
0.9
-0.3
0.2
-1.2
1.9
0.5
3.5
1.9
1.9
1.6
0.6
-1.7
0.6
0.1
1.0
-0.8
-0.5
-0.3
GDP. BRANCHES OF ACTIVITY

10
Net taxes
on
products
GDP. BRANCHES OF ACTIVITY

GDPmp
AGRICULTURE,FORESTRY AND FISHING
INDUSTRY
MANUFACTURING INDUSTRY
GDPpm
CONSTRUCTION
SERVICES
%
10
10
10
-2
-2
-2
-2
-4
-4
-4
-4
-6
-6
-6
-6
-8
-8
-8
-8
-10
-10
-10
-10
-12
-12
-12
-12
-14
-14
-14
-14
-16
-16
-16
-16
-18
-18
-18
2009
2010
2011
2012
2009

BANCO DE ESPAA
6*
2010
2011
2012
-18
1.4. GROSS DOMESTIC PRODUCT. IMPLICIT DEFLATORS. SPAIN (a)

Demand components
Gross
domestic
Final
General Gross fixed capital formation Exports Imports proconsump- governof
of
duct
tion of ment
goods goods at
housefinal
Total
Tangible
Intan- and
and market
holds
confixed assets gible
serser- prices
and
sumpfixed vices vices
NPISHs tion
asstes
(b)
Cons- Equiptruc- ment
tion
and
cultivated
assets
1
09
10
11
09 Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
AgriculIndustry
Consture,
truclivetion
stock
On which
Total Trade, Inforbreedtrans- mation
ing,
Total
port
and
forestry
Manuand
comand
facaccom- munifishing
turing
moda- caindustion
tions
try
10
. . .
11
12
13
14
15
16
Services
Financial
and
insurance
activities
Real
estate
activities
Profesional
activities
Public
administration,
Health
and
Education
17
18
19
20
-1.1
2.0
2.9
1.7 -3.3 -4.1

-1.1 0.6 -0.5
-0.3 1.3 0.7
-1.7
3.1
2.5
0.2
2.6
1.3
-3.3
2.2
4.9
-7.2
4.4
8.1
0.1
0.4
1.0
-4.6 0.6
4.2 -0.5
-8.2 3.8
-0.7 1.7 1.6

0.7 -3.9 -1.2
3.4 0.0 0.8
1.9
0.2
2.4
0.3 10.2 -8.5

-5.9 -20.2 13.5
-1.5 -4.1 4.7
1.3
-1.4
0.3
2.9
-1.4
-0.8
1.6
0.6
-0.3
P
P
-1.7
-0.9
1.0 -4.3 -5.2

1.4 -3.3 -4.4
-2.8
-0.6
0.2
-0.8
-5.3
-3.8
-9.2
-6.0
-0.4
-0.2
-6.2 0.4
-6.2 -0.3
-0.8
-0.8
1.2
1.2
2.0
0.0
2.3
1.2
0.7
-1.1
9.6 -5.3
1.3 -11.3
1.4
-0.0
2.9
2.7
1.4
1.2
P
P
P
P
0.9
1.3
2.4
3.4
0.2 -1.6 -2.7

-0.4 0.4 -0.4
-1.8 1.6 0.5
-2.2 2.2 1.0
0.6
2.1
4.3
5.3
2.7
2.6
2.6
2.6
0.5
2.4
3.0
3.0
1.5
5.1
5.0
6.0
-0.1
0.1
0.6
1.0
2.3 0.0
4.1 -2.1
2.1 -2.6
8.7 2.8
1.6
-1.2
-1.8
4.1
-2.8
-4.6
-4.6
-3.8
-0.1
-2.3
-2.1
-0.2
-0.0
-2.2
0.0
2.8
-5.1
-6.1
-6.5
-5.8
-14.9 14.9
-22.4 9.9
-22.8 11.0
-20.4 18.2
-1.8
-2.8
-1.2
0.2
1.4
0.1
-2.8
-3.9
0.7
0.2
0.5
1.1
P
P
P
P
3.2
3.5
2.6
2.6
-0.2
-1.3
-0.0
0.4
2.4 1.6
1.5 0.8
0.8 0.5
0.3 -0.1
4.6
3.1
1.6
0.9
1.1
1.7
0.9
1.5
5.6
4.9
4.9
4.2
9.7
7.9
7.8
7.4
1.0
1.2
0.8
0.8
-8.4
-9.8
-7.0
-7.6
4.2
3.5
4.3
3.4
3.9 -0.8
3.2 0.7
3.8 0.6
3.0 -0.3
0.2
1.4
0.7
0.9
2.1
3.0
2.1
2.3
-1.6 -10.1
-1.4 -3.2
-1.4 -2.7
-1.6 0.5
3.2
9.2
4.1
2.7
1.0
1.8
-0.9
-0.6
-0.8
-1.9
-0.5
-0.1
-0.2
-0.4
-0.3
-0.2
P
P
2.4
2.3
-0.1 0.0 -1.4

0.0 -1.1 -2.5
3.2
1.8
0.5
0.1
2.4
1.9
5.6
5.0
0.5
0.3
1.5
0.4
2.5
2.1
2.0 -0.9
1.6 -0.4
1.1
1.2
1.9
2.3
-2.6
-2.6
1.6
2.0
0.4
0.7
0.1
-0.1
1.3
1.1
4.1
3.3
GDP. IMPLICIT DEFLATORS

FINAL CONS. OF HOUSEHOLDS AND NPISHs

GENERAL GOVERNMENT FINAL CONSUMPTION
GFCF ON CONSTRUCTION
EXPORTS
IMPORTS
GDPmp
AGRICULTURE,LIVESTOCK BREEDING,FORESTRY AND FISHING
INDUSTRY
MANUFACTURING INDUSTRY
CONSTRUCTION
10
10
-2
-2
-2
-2
-4
-4
-4
-4
-6
-6
-6
-6
-8
-8
-8
-8
-10
Artistic
recreational
and
other
services
activities
21
P
P
P
GDP. IMPLICIT DEFLATORS

10
Branches of activity
2009
2010
2011
2012
-10
-10
2009
2010
2011
2012

b. Final consumption expenditure may take place on the domestic territory or abroad (ESA95, 3.75). It therefore includes residents consumption abroad, which is
subsequently deducted in Imports of goods and services.
BANCO DE ESPAA
7*
10
-10
2.1. INTERNATIONAL COMPARISON. GROSS DOMESTIC PRODUCT AT CONSTANT PRICES
OECD
EU-27
Euro
area
3
09
10
11
09 Q2
Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
Germany
Spain
United
States
6
France
Japan
United
Kingdom
10
-3.6
3.0
1.8
-4.3
2.1
1.5
-4.4
2.0
1.5
-5.1
4.0
3.1
-3.7
-0.3
0.4
-3.1
2.4
1.8
-3.1
1.6
1.7
-5.5
1.8
0.5
-5.5
4.6
-0.7
-4.0
1.8
0.8
-4.9
-3.6
-0.6
-5.3
-4.3
-2.1
-5.3
-4.4
-2.4
-6.2
-5.0
-2.2
-4.4
-4.0
-3.1
-4.6
-3.3
-0.1
-3.7
-3.1
-1.0
-6.5
-5.1
-3.5
-6.5
-5.5
-0.6
-5.4
-3.3
-0.9
2.5
3.3
3.2
2.9
1.0
2.3
2.5
2.4
1.0
2.3
2.3
2.3
2.6
4.7
4.6
4.2
-1.5
-0.2
0.0
0.4
1.9
2.5
2.8
2.4
1.0
1.6
1.9
1.8
1.0
1.9
1.9
2.2
4.9
4.6
5.4
3.4
1.2
2.1
2.4
1.5
2.3
1.8
1.7
1.5
2.4
1.7
1.4
0.7
2.4
1.6
1.3
0.6
4.8
3.0
2.7
1.9
0.5
0.5
0.6
-0.0
1.8
1.9
1.6
2.0
2.3
1.7
1.5
1.2
1.4
1.0
0.4
-0.5
0.1
-1.7
-0.7
-0.6
1.4
0.5
0.5
0.6
1.7
...
0.1
-0.3
-0.0
-0.5
1.2
1.0
-0.6
-1.3
2.4
2.3
0.3
0.3
-1.5
-2.6
2.8
3.3
-0.2
-0.5
GROSS DOMESTIC PRODUCT

GROSS DOMESTIC PRODUCT

SPAIN
UNITED KINGDOM
FRANCE
ITALY
GERMANY
UNITED STATES
EURO AREA
JAPAN
6
Italy
-1
-1
-1
-1
-2
-2
-2
-2
-3
-3
-3
-3
-4
-4
-4
-4
-5
-5
-5
-5
-6
-6
-6
-6
-7
-7
-7
-7
-8
-8
-8
-8
-9
-9
-9
-9
-10
2009
2010
2011
2012
-10
-10
2009
Sources: ECB, INE and OECD.

Note: The underlying series for this indicator are in Table 26.2 of the BE Boletn Estadstico.
BANCO DE ESPAA
8*
2010
2011
2012
-10
2.2. INTERNATIONAL COMPARISON. UNEMPLOYMENT RATES
Percentages
OECD
EU-27
Euro
area
3
Germany
Spain
United
States
France
Italy
Japan
United
Kingdom
10
09
10
11
8.2
8.3
8.0
9.0
9.6
9.7
9.6
10.1
10.2
7.8
7.1
6.0
18.0
20.1
21.7
9.3
9.6
8.9
9.5
9.7
9.6
7.8
8.4
8.4
5.1
5.1
4.6
7.6
7.8
8.1
11 Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
8.0
7.9
7.9
7.9
8.0
8.0
8.0
8.0
8.0
8.0
7.9
9.5
9.4
9.4
9.5
9.5
9.6
9.7
9.8
9.9
10.0
10.0
10.0
9.9
9.9
10.0
10.0
10.1
10.2
10.3
10.4
10.6
10.6
6.3
6.2
6.1
6.0
5.9
5.9
5.8
5.8
5.7
5.7
5.6
20.7
20.8
20.7
20.9
21.3
21.7
22.0
22.4
22.8
23.0
23.2
9.0
8.9
9.0
9.0
9.1
9.1
9.1
9.0
8.9
8.7
8.5
9.6
9.6
9.6
9.6
9.6
9.6
9.6
9.6
9.7
9.8
9.8
8.0
7.9
7.9
8.1
8.1
8.2
8.4
8.8
8.9
9.3
9.4
4.7
4.7
4.7
4.6
4.6
4.7
4.4
4.2
4.4
4.5
4.5
7.7
7.7
7.8
7.9
8.0
8.2
8.3
8.3
8.3
8.3
8.3
12 Jan
Feb
Mar
Apr
May
Jun
Jul
7.9
8.0
7.9
7.9
8.0
7.9
8.0
10.1
10.2
10.2
10.3
10.4
10.4
10.4
10.8
10.8
10.9
...
...
...
...
5.6
5.6
5.6
5.5
5.5
5.5
5.5
23.5
23.8
24.1
24.4
24.8
24.9
25.1
8.3
8.3
8.2
8.1
8.2
8.2
8.3
9.9
10.0
10.0
10.0
10.1
10.2
10.3
9.7
10.0
10.4
10.6
10.5
10.7
10.7
4.6
4.5
4.5
4.6
4.4
4.3
4.3
8.2
8.2
8.1
8.1
8.0
...
...
UNEMPLOYMENT RATES
UNEMPLOYMENT RATES
GERMANY
UNITED STATES
FRANCE
ITALY
JAPAN
UNITED KINGDOM
SPAIN
EURO AREA
26
26
26
24
24
24
24
22
22
22
22
20
20
20
20
18
18
18
18
16
16
16
16
14
14
14
14
12
12
12
12
10
10
10
10
2009
2010
2011
2012
2009
Source: OECD.
BANCO DE ESPAA
9*
2010
2011
2012
26
2.3. INTERNATIONAL COMPARISON. CONSUMER PRICES (a)
OECD
EU-27
Euro
area
3
Germany
Spain
United
States
France
Italy
Japan
United
Kingdom
10
09
10
11
0.5
1.9
2.9
1.0
2.1
3.1
0.3
1.6
2.7
0.2
1.2
2.5
-0.2
2.0
3.1
-0.3
1.6
3.2
0.1
1.7
2.3
0.8
1.6
2.9
-1.3
-0.7
-0.3
2.2
3.3
4.5
11 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2.6
2.9
3.1
3.0
3.1
3.2
3.2
3.1
3.1
2.9
3.1
3.3
3.2
3.1
2.9
3.0
3.3
3.4
3.3
3.0
2.7
2.8
2.7
2.7
2.6
2.5
3.0
3.0
3.0
2.7
2.3
2.7
2.4
2.4
2.6
2.5
2.9
2.9
2.8
2.3
3.3
3.5
3.4
3.0
3.0
2.7
3.0
3.0
2.9
2.4
2.7
3.2
3.6
3.6
3.7
3.8
3.8
3.5
3.4
3.0
2.2
2.2
2.2
2.3
2.1
2.4
2.4
2.5
2.7
2.7
2.8
2.9
3.0
3.0
2.1
2.3
3.6
3.8
3.7
3.7
-0.5
-0.5
-0.4
-0.4
0.2
0.2
-0.2
-0.5
-0.2
4.1
4.5
4.5
4.2
4.5
4.5
5.2
5.0
4.8
4.2
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2.8
2.8
2.6
2.4
2.1
2.1
1.9
...
2.9
2.9
2.9
2.7
2.6
2.5
2.5
...
2.7
2.7
2.7
2.6
2.4
2.4
2.4
2.6
2.3
2.5
2.3
2.2
2.2
2.0
1.9
2.2
2.0
1.9
1.8
2.0
1.9
1.8
2.2
2.7
2.9
2.9
2.7
2.3
1.7
1.6
1.4
...
2.6
2.5
2.6
2.4
2.3
2.3
2.2
2.4
3.4
3.4
3.8
3.7
3.5
3.6
3.6
3.5
0.1
0.3
0.5
0.5
0.2
-0.2
-0.4
...
3.6
3.4
3.5
3.0
2.8
2.4
2.6
...
CONSUMER PRICES
CONSUMER PRICES
SPAIN
GERMANY
FRANCE
ITALY
UNITED KINGDOM
UNITED STATES
EURO AREA
JAPAN
6
-1
-1
-1
-1
-2
-2
-2
-2
-3
-3
-3
2009
2010
2011
2012
2009
Sources: OECD, INE and Eurostat.

Note: The underlying series for this indicator are in Tables 26.11 and 26.15 of the BE Boletn Estadstico.
a. Harmonised Index of Consumer Prices for the EU countries.
BANCO DE ESPAA
10*
2010
2011
2012
-3
2.4. BILATERAL EXCHANGE RATES AND NOMINAL AND REAL EFFECTIVE EXCHANGE
RATE INDICES FOR THE EURO, US DOLLAR AND JAPANESE YEN
Average of daily data

Indices of the nominal effective
exchange rate vis--vis the (a)
developed countries 1999 QI=100
Exchange rates
Indices of the real effective exchange rate

vis--vis the developed countries (b)
1999 QI=100
Based on consumer prices
US dollar
per
ECU/euro
Japanese yen Japanese yen

per
per
ECU/euro
US dollar
2
Euro
US dollar
Euro
4
Based on producer prices
Japanese
yen
US dollar
Japanese
yen
Euro
10
US dollar
11
Japanese
yen
12
09
10
11
1.3940
1.3267
1.3918
130.30
116.42
111.00
93.57
87.78
79.74
110.6
103.7
103.4
80.8
78.6
74.0
111.7
119.9
127.5
109.2
101.6
100.7
88.9
86.7
82.4
86.1
90.2
92.8
104.3
98.1
97.6
92.6
93.0
90.5
84.9
87.7
88.7
11 J-A
12 J-A
1.4102
1.2808
114.22
101.83
81.02
79.48
103.9
97.9
73.5
77.0
124.5
132.5
101.3
95.9
81.8
85.6
91.0
94.4
98.2
93.3
89.6
94.8
87.1
89.1
11 Jun
Jul
Aug
Sep
Oct
Nov
Dec
1.4388
1.4264
1.4343
1.3770
1.3706
1.3556
1.3179
115.75
113.26
110.43
105.75
105.06
105.02
102.55
80.45
79.40
77.00
76.79
76.65
77.47
77.81
105.0
104.0
103.9
102.8
103.0
102.6
100.8
72.7
72.3
72.1
74.2
74.8
75.4
76.3
124.0
125.9
129.4
132.9
133.7
133.0
134.1
102.2
101.0
100.8
99.9
100.2
99.9
98.1
81.1
80.9
80.7
82.8
83.1
83.7
84.7
90.1
91.6
94.2
96.3
97.0
95.8
96.6
99.0
98.1
97.9
96.8
97.1
96.7
95.1
89.6
89.4
88.6
91.3
91.6
92.5
93.5
86.3
87.4
89.9
91.8
92.1
91.2
92.1
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
1.2905
1.3224
1.3201
1.3162
1.2789
1.2526
1.2288
1.2400
99.33
103.77
108.88
107.00
101.97
99.26
97.07
97.58
76.97
78.46
82.48
81.30
79.73
79.24
78.99
78.69
98.9
99.6
99.8
99.5
98.0
97.2
95.3
95.2
76.6
75.5
76.3
76.1
77.3
78.3
78.5
77.6
136.5
132.1
125.8
127.8
132.3
134.5
135.8
135.4
96.3
97.2
97.4
97.2
95.7
94.9
93.0
...
85.5
84.4
85.2
84.9
86.2
87.6
...
...
98.7
95.3
90.4
91.6
94.6
95.8
...
...
93.7
94.6
94.8
94.4
92.9
92.2
90.3
...
94.1
93.0
94.8
94.5
95.7
96.9
...
...
93.1
89.8
85.2
86.3
89.3
90.8
...
...
EXCHANGE RATES
INDICES OF THE REAL EFFECTIVE EXCHANGE RATE BASED ON

CONSUMER PRICES VIS--VIS THE DEVELOPED COUNTRIES
US DOLLAR PER ECU-EURO
JAPANESE YEN PER US DOLLAR/100
JAPANESE YEN PER ECU-EURO/100
1.5
EURO
US DOLLAR
JAPANESE YEN
Indices
Indices
1.5
112
1.4
1.4
108
108
1.3
1.3
104
104
1.2
1.2
100
100
1.1
1.1
96
96
1.0
1.0
92
92
0.9
0.9
88
88
0.8
0.8
84
84
0.7
0.7
80
80
0.6
76
0.6
2009
2010
2011
2012
2009
2010
2011
112
2012
76
Sources: ECB and BE.

a. Geometric mean calculated using a double weighting system based on (1995-1997),(1998-2000), (2001-2003), and (2004-2006) manufacturing trade of changes in the
spot price of each currency against the currencies of the other developed countries. A fall in the index denotes a depreciation of the currency against those of
the other developed countries.
b. Obtained by multiplying the relative prices of each area/country (relation betwen its price index and the price index of the group) by the nominal effective exchange rate.
A decline in the index denotes a depreciation of the real effective exchange rate and, may be interpreted as an improvement in that area/countrys competitiveness.
BANCO DE ESPAA
11*
2.5. OFFICIAL INTERVENTION INTEREST RATES AND SHORT-TERM INTEREST RATES
Percentages
Official intervention
interest rates
Euro
area
United States
Discount
rate
(b)
(a)
1
Japan
Federal
funds
rate
3
3-month interbank rates

United
Kingdom
(c)
OECD
EU-15
Euro
area
Germany
Spain
United
States
France
Italy
Japan
United
Kingdom
(d)
5
10
11
12
13
14
15
09
10
11
1.00
1.00
1.00
0.50
0.75
0.75
0.25
0.25
0.25
0.30
0.30
0.30
0.50
0.50
0.50
0.93
0.61
0.81
1.19
0.78
1.32
1.22
0.81
1.39
1.23
0.87
1.34
0.83
0.40
0.32
0.27
0.11
0.12
1.01
0.57
0.81
11 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1.00
1.25
1.25
1.25
1.50
1.50
1.50
1.50
1.25
1.00
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.74
0.78
0.79
0.79
0.86
0.83
0.84
0.88
0.88
0.88
1.13
1.25
1.34
1.39
1.48
1.44
1.46
1.49
1.42
1.38
1.18
1.32
1.43
1.49
1.60
1.55
1.54
1.58
1.48
1.43
1.17
1.31
1.43
1.49
1.45
1.68
1.46
-
0.34
0.32
0.26
0.21
0.29
0.26
0.28
0.34
0.42
0.48
0.11
0.14
0.12
0.12
0.14
0.13
0.13
0.13
0.11
0.09
0.71
0.75
0.75
0.75
0.75
0.79
0.88
0.93
0.97
1.03
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
1.00
1.00
1.00
1.00
1.00
1.00
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.75
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.30
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.79
0.71
0.65
0.62
0.60
0.58
0.53
0.45
1.21
1.07
0.91
0.81
0.76
0.72
0.56
0.40
1.22
1.05
0.86
0.74
0.68
0.66
0.50
0.33
1.16
1.07
0.94
-
0.42
0.34
0.35
0.35
0.37
0.36
0.40
0.35
0.10
0.11
0.11
0.11
0.10
0.08
0.06
0.05
1.05
1.03
0.99
0.97
0.96
0.91
0.74
0.62
3-MONTH INTERBANK RATES
OFFICIAL INTERVENTION INTEREST RATES
2.6
UNITED KINGDOM
UNITED STATES: DISCOUNT RATE
UNITED STATES: FEDERAL FUNDS RATE
EURO AREA: WEEKLY TENDERS
JAPAN
UNITED KINGDOM
UNITED STATES
EURO AREA
JAPAN
%
2.6
2.6
2.4
2.4
2.4
2.4
2.2
2.2
2.2
2.2
2.0
2.0
2.0
2.0
1.8
1.8
1.8
1.8
1.6
1.6
1.6
1.6
1.4
1.4
1.4
1.4
1.2
1.2
1.2
1.2
1.0
1.0
1.0
1.0
0.8
0.8
0.8
0.8
0.6
0.6
0.6
0.6
0.4
0.4
0.4
0.4
0.2
0.2
0.2
0.2
0.0
0.0
0.0
2009
2010
2011
2012
2009
Sorces: ECB, Reuters and BE.

a. Main refinancing operations.
b. As from January 2003, the Primary Credit Rate.
c. Discount rate.
d. Retail bank base rate.
BANCO DE ESPAA
12*
2010
2011
2012
2.6
0.0
2.6. 10-YEAR GOVERNMENT BOND YIELDS ON DOMESTIC MARKETS
Percentages
OECD
EU-15
Euro
area
3
Germany
Spain
United
States
6
France
Italy
Japan
United
Kingdom
10
09
10
11
3.18
3.05
3.03
3.74
3.52
4.02
4.03
3.78
4.31
3.27
2.78
2.66
3.97
4.25
5.44
3.27
3.22
2.80
3.65
3.12
3.32
4.28
4.03
5.36
1.35
1.18
1.12
3.63
3.56
3.04
11 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
3.40
3.46
3.28
3.18
3.21
2.70
2.49
2.63
2.68
2.64
4.15
4.26
4.15
4.14
4.22
3.74
3.58
3.77
4.05
4.00
4.49
4.66
4.37
4.37
4.59
4.21
4.04
4.09
4.41
4.11
3.24
3.36
3.13
2.98
2.79
2.27
1.87
2.04
1.94
2.01
5.25
5.33
5.32
5.48
5.82
5.25
5.20
5.25
6.19
5.50
3.44
3.47
3.19
3.00
3.03
2.32
1.98
2.14
2.02
2.00
3.60
3.69
3.50
3.44
3.40
2.99
2.65
2.99
3.42
3.14
4.80
4.75
4.74
4.82
5.49
5.28
5.53
5.77
6.82
6.81
1.26
1.27
1.15
1.14
1.12
1.03
1.01
1.01
0.99
1.01
3.67
3.68
3.40
3.27
3.15
2.57
2.41
2.51
2.25
2.14
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2.62
2.56
2.55
2.52
2.38
2.28
2.17
2.22
4.00
3.83
3.56
3.65
3.63
3.61
3.46
3.37
3.92
3.75
3.29
3.39
3.53
3.41
3.25
3.01
1.87
1.89
1.88
1.72
1.47
1.43
1.32
1.42
5.40
5.11
5.17
5.79
6.13
6.59
6.79
6.58
1.96
1.96
2.17
2.05
1.81
1.61
1.51
1.68
3.18
3.02
2.96
2.99
2.76
2.57
2.28
2.11
6.56
5.56
4.96
5.51
5.75
5.92
6.01
5.82
0.98
0.97
1.01
0.95
0.86
0.84
0.78
0.81
2.05
2.13
2.26
2.14
1.88
1.68
1.56
1.57
10-YEAR GOVERNMENT BOND YIELDS
10-YEAR GOVERNMENT BOND YIELDS
SPAIN
UNITED KINGDOM
GERMANY
ITALY
FRANCE
UNITED STATES
EURO AREA
JAPAN
7
2009
2010
2011
2012
2009
Sources: ECB, Reuters and BE.
BANCO DE ESPAA
13*
2010
2011
2012
2.7 INTERNATIONAL MARKETS. NON-ENERGY COMMODITIES PRICE INDEX.

CRUDE OIL AND GOLD PRICE.
Base 2000 = 100

Non-energy commodity price index (a)
Euro index
Oil
US dollar index
Brent
North sea
Industrial products
General
General
Index
(b)
Non-food
agricultural
products
Metals
US
dollars
per
troy
ounce
Index
(c)
US
dollars
per
barrel
Food
Total
Gold
Euro
per
gram
10
11
07
08
09
10
11
136.4
142.2
120.8
158.6
187.3
202.3
227.4
182.3
213.1
209.6
175.1
232.4
198.0
207.9
220.3
237.4
221.0
162.2
220.2
198.5
162.4
176.0
136.0
211.2
239.6
278.4
245.5
176.4
225.9
180.9
252.1
343.7
219.2
280.0
368.4
73.0
97.2
61.7
79.9
112.2
249.8
312.5
348.8
439.2
562.6
696.7
871.7
973.0
1 225.3
1 569.5
16.32
19.07
22.42
29.76
36.29
11 J-A
12 J-A
194.6
183.5
220.5
189.3
227.0
214.6
213.8
163.0
263.2
178.0
192.6
156.7
371.0
...
112.6
112.8
538.0
587.8
1 500.9
1 639.7
34.21
41.18
11 Jul
Aug
Sep
Oct
Nov
Dec
185.2
181.8
183.5
170.0
168.7
168.6
212.7
209.5
203.2
186.3
184.1
178.4
222.2
226.3
221.7
205.2
204.4
197.0
202.8
192.1
183.9
166.7
163.0
158.9
224.2
215.9
214.1
198.3
183.6
174.5
193.6
181.8
171.0
153.1
154.1
152.3
382.1
355.8
357.1
353.9
373.2
369.3
117.3
111.3
114.8
110.9
111.1
108.7
563.8
629.4
635.1
596.9
623.4
592.3
1 572.8
1 755.8
1 771.9
1 665.2
1 739.0
1 652.3
35.41
39.41
41.36
39.04
41.24
40.18
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
179.4
179.8
181.9
180.0
180.8
177.9
195.1
192.9
186.5
191.8
193.2
191.0
186.9
179.1
192.9
193.1
203.6
206.9
210.9
210.9
209.4
205.5
232.9
236.1
168.7
176.2
174.5
170.2
163.6
151.5
151.3
148.4
183.8
192.6
192.8
191.5
180.9
165.9
161.7
155.9
162.3
169.2
166.7
161.1
156.2
146.8
146.9
145.2
378.6
399.2
417.2
402.9
368.9
...
...
...
111.1
120.6
126.8
120.5
111.0
95.7
103.1
114.1
593.7
624.7
600.0
591.3
568.3
572.4
571.4
582.5
1 656.1
1 742.6
1 673.8
1 649.6
1 585.5
1 596.7
1 593.9
1 625.0
41.35
42.37
40.75
40.30
39.83
40.94
41.71
42.22
NON-ENERGY COMMODITY PRICE INDEX
PRICE INDICES FOR NON-ENERGY COMMODITIES, OIL AND GOLD
FOOD
INDUSTRIAL PRODUCTS
OIL
GOLD
IN US DOLLARS
IN EUROS
Indices
Indices
280
280
260
260
240
240
220
220
200
200
180
180
160
160
140
140
120
120
100
100
80
2007
2008
2009
2010
2011
2012
80
Indices
700
14*
700
600
600
500
500
400
400
300
300
200
200
100
100
2007
Sources: The Economist, IMF, ECB and BE.

a. The weights are based on the value of the world commodity imports during the period 1999-2001.
b. Index of the average price in US dollars of various medium, light and heavy crudes.
c. Index of the London markets 15.30 fixing in dollars.
BANCO DE ESPAA
Indices
2008
2009
2010
2011
2012
3.1 INDICATORS OF PRIVATE CONSUMPTION. SPAIN AND EURO AREA
Opinion surveys (net percentages)
New car registrations and sales
Retail trade indices (2005=100, NACE 2009) (Deflated indices)
MemoranGeneral index without petrol stations

Retail Memorandum
dum item: General
trade item: euro area
of which
euro area retail
confitrade
of which Large Large Small Single- Memorandence
RegisEstimaindex
retail chain chain outlet dum item:
House- index Consu- Retail trations Private ted
RegistraTotal
outlets stores stores retail- euro area
hold
mer
trade
use
sales
tions
Food
ers
economic
confi- confi(a)
situation:
dence dence
anticipaindex index
ted
trend
Consumers
Confi- General
dence economic
index situation:
anticipated
trend
1
10
11
12
13
14
15
16
17
18
09
10
11
-28.2
-20.9
P -17.1
-26.2
-18.0
-13.8
-13.2 -24.6
-9.7 -17.2
-6.7 -19.8
-24.8 -15.5
-14.2 -4.1
-14.6 -5.5
-18.1
3.0
-18.3
-10.7
...
...
-17.9
3.1
-17.7
4.4
-8.1
-0.7
-5.7 -5.8
-1.6 -0.9
-5.7 -5.6
-3.4
-0.4
-2.8
-6.0
-1.6
-7.2
-1.6
1.9
-0.7
-7.1
-3.1
-7.2
-7.2
-2.0
-7.0
-2.2
1.3
-0.3
11 J-A
12 J-A
P -17.2
P -28.7
-13.9
-27.4
-6.9 -20.0
-15.5 -22.0
-11.7 -2.8
-20.7 -14.7
-22.9
-8.2
...
...
-22.2
-8.5
-0.6
...
-5.3 -5.1
...
...
-2.9
...
-6.5
...
0.0
...
-6.8
...
-6.9
...
0.1
...
11 Sep
Oct
Nov
Dec
P
P
P
P
-17.0
-19.6
-15.4
-15.3
-16.1
-16.0
-12.0
-9.8
-6.9
-8.1
-5.6
-4.8
-19.0
-19.3
-18.4
-20.4
-19.3 -9.9
-20.1 -9.9
-20.5 -11.2
-21.3 -12.2
-2.4
-6.9
-6.9
-4.2
...
...
...
...
-1.3
-6.7
-6.4
-3.6
1.3
-0.6
-3.3
-1.2
-5.3
-7.1
-7.3
-6.5
-5.1
-6.9
-7.2
-6.4
-1.4
-2.7
-3.9
-2.4
-4.5
-10.3
-9.9
-9.1
-0.8
-2.3
-2.9
-2.4
-7.1
-9.0
-8.5
-7.0
-6.7
-7.3
-8.1
-7.4
-1.0
-0.7
-1.2
-1.6
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
P
P
P
P
P
P
P
P
-20.2
-24.7
-28.9
-28.6
-33.2
-25.1
-29.3
-39.7
-17.6
-19.9
-23.8
-24.9
-34.1
-24.8
-29.1
-45.2
-9.5
-7.5
-13.3
-15.6
-18.7
-14.7
-18.4
-26.6
-24.6
-22.2
-22.2
-21.2
-23.8
-17.6
-21.0
-23.7
-20.7
-20.3
-19.1
-19.9
-19.3
-19.8
-21.5
-24.6
1.9
-2.7
-4.4
-21.5
-7.3
-11.7
-16.7
4.3
...
...
...
...
...
...
...
...
2.5
-2.1
-4.5
-21.7
-8.1
-12.1
-17.2
3.4
-13.2
-14.8
-7.2
-7.7
-6.6
-6.1
...
...
-4.6
-3.7
-3.9
-11.5
-4.2
-4.4
-6.9
...
-4.2
-3.3
-2.8
-11.3
-3.6
-4.0
-6.5
...
-1.2
-0.1
0.7
-6.8
-1.2
-0.6
-3.6
...
-8.2
-4.6
-3.6
-16.9
-5.9
-6.3
-10.4
...
-1.3 -4.2
1.3 -5.0
2.8 -6.6
-8.7 -12.5
0.6 -4.6
2.5 -5.9
-2.5 -8.2
...
...
-4.1
-5.3
-5.1
-10.6
-5.4
-6.6
-7.5
...
-0.8
-1.2
0.4
-3.1
-0.4
-0.8
-1.3
...
-15.5
-14.0
-12.0
-11.1
-18.1
-14.4
-15.0
-17.3
CONSUMER CONFIDENCE INDEX
5.0
CAR SALES
Trend obtained with TRAMO-SEATS
SPAIN
EURO AREA
ESTIMATED SALES (SPAIN)

%
5.0
50
-0.5
-0.5
40
40
-6.0
-6.0
30
30
-11.5
-11.5
20
20
-17.0
-17.0
10
10
-22.5
-22.5
-28.0
-28.0
-10
-10
-33.5
-33.5
-20
-20
-39.0
-39.0
-30
-30
-44.5
-44.5
-40
-40
-50.0
-50
-50.0
2009
2010
2011
2012
2009
2010
2011
2012
50
-50
Sources: European Commission, European Economy, Supplement B, INE, Direccin General de Trfico, Asociacin Nacional de Fabricantes de Automviles y Camiones and
ECB.
a. Data adjusted by working days.
BANCO DE ESPAA
15*
3.2. INVESTMENT IN INDUSTRY (EXCLUDING CONSTRUCTION): OPINION SURVEYS. SPAIN
Annual percentage changes at current prices
ACTUAL INV.
1st FORECAST
06
07
08
09
10
11
12
2nd FORECAST
5
3
0
-36
-16
17
...
3rd FORECAST
19
9
13
-12
-33
11
14
3
4
19
-21
-23
23
33
-4
-6
7
-33
-26
11
...
INVESTMENT IN INDUSTRY
Annual rates of change
40
1st FORECAST
2nd FORECAST
3rd FORECAST
ACTUAL INV.
40
30
30
20
20
10
10
-10
-10
-20
-20
-30
-30
-40
2006
2007
2008
2009
2010
2011
2012
-40
Source: Ministerio de Industria, Energa y Turismo.

Note: The first forecast is made in the autumn of the previous year and the second and third ones in the spring and autumn of the current year, respectively; the information relating
to actual investment for the year t is obtained in the spring of the year t+1.
BANCO DE ESPAA
16*
3.3. CONSTRUCTION. INDICATORS OF BUILDING STARTS AND CONSUMPTION OF CEMENT. SPAIN
Permits: buildable floorage
Approvals:
buildable floorage
of which
Total
of which
Nonresidential
Residential
09
10
11
Total
Apparent
consumption
of cement
of which
Housing
Building
Total
Housing
Government tenders (budget)
For the
month
7
Year to
date
Total
Residential
Civil
Nonengineering
residential
Housing
10
11
12
13
14
P
P
-43.4
-28.7
-16.4
-49.3
-24.3
-17.5
-49.2
-25.2
-16.6
-27.2
-36.9
-13.9
-51.4
-16.0
-18.6
-56.8
-16.1
-13.2
-8.2
-38.0
-46.2
-8.2
-38.0
-46.2
1.1
-20.3
-56.6
3.7
-38.5
-47.8
-19.9
-38.7
-51.0
0.3
-14.6
-58.6
-11.4
-45.2
-40.2
-32.3
-15.4
-17.0
11 J-J
12 J-J
P
P
2.0
...
-0.1
...
-0.7
...
6.5
...
-16.1
...
-11.8
...
-40.3
-46.9
-40.3
-46.9
-56.2
-54.4
-46.7
-81.0
-43.4
-76.8
-58.3
-46.8
-29.3
-43.6
-9.7
-34.6
11 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
P
P
P
P
P
P
P
P
P
P
25.4
6.2
2.6
-13.0
-24.1
-24.9
-37.8
-18.7
-20.2
-51.7
17.7
-10.0
17.2
-24.2
-30.7
-27.4
-32.6
-19.7
-26.4
-44.4
20.7
-11.6
16.9
-21.8
-31.5
-28.8
-29.9
-17.3
-21.5
-41.9
42.5
36.9
-21.0
12.4
-6.6
-19.5
-49.5
-16.9
-3.4
-68.2
-16.2
-22.9
-21.9
-20.7
-19.0
-4.6
-14.8
-7.4
-41.4
-32.6
-23.3
-25.0
-20.1
-11.2
-12.9
-9.0
4.8
-0.7
-35.8
-30.4
-57.9
-52.1
1.4
-56.3
-44.2
-50.9
-40.0
-66.7
-40.1
-72.0
-45.5
-47.0
-37.0
-40.3
-40.7
-42.0
-41.8
-44.1
-43.8
-46.2
-66.5
-62.5
-56.3
-50.1
-61.3
-47.6
-43.3
-48.4
-66.2
-71.6
-65.8
33.6
-64.9
3.6
-54.2
-48.6
-40.4
-13.8
-79.8
-67.4
-92.6
98.4
19.5
-46.2
-38.8
-59.5
-50.5
-82.1
-85.1
-77.9
-66.8
-71.7
-54.4
-60.6
-63.4
-47.4
-44.2
-56.2
-62.3
-72.1
-49.7
-43.2
35.5
-58.7
-27.9
-52.4
-39.1
-78.4
-30.6
-72.1
-3.1
-14.8
-13.6
-23.0
-25.1
-18.2
-21.1
-29.8
-29.3
-21.9
12 Jan
Feb
Mar
Apr
May
Jun
P
P
P
P
P
P
-50.3
-20.1
...
...
...
...
-51.8
-20.8
...
...
...
...
-50.2
-17.4
...
...
...
...
-45.1
-18.5
...
...
...
...
-24.5
-38.5
-27.9
-34.3
-37.9
...
-29.8
-34.7
-26.7
-32.2
-35.4
...
-67.8
-17.7
-68.0
-56.7
-35.1
-50.6
-67.8
-42.4
-50.6
-51.9
-46.3
-46.9
-66.3
-39.6
-68.1
-59.3
-43.1
-44.6
-83.4
-83.1
-72.7
-87.8
-73.6
-86.3
-87.7
-64.2
13.2
-90.0
-55.4
-82.8
-63.2
-35.2
-65.9
-46.2
-37.9
-23.4
-68.7
-6.5
-67.9
-55.2
-33.5
-53.4
-23.3
-32.0
-36.5
-41.1
-37.2
-35.0
CONSTRUCTION
30
CONSTRUCTION
PERMITS
APPROVALS
APPARENT CONSUMPTION OF CEMENT

%
30
30
30
21
21
21
21
12
12
12
12
-6
-6
-6
-6
-15
-15
-15
-15
-24
-24
-24
-24
-33
-33
-33
-33
-42
-42
-42
-42
-51
-51
-51
-51
-60
-60
-60
2009
2010
2011
2012
2009
Sources: Ministerio de Fomento and Asociacin de Fabricantes de Cemento de Espaa.

Note: The underlying series for this indicator are in Tables 23.7, 23.8, and 23.9 of the BE Boletn estadstico.
BANCO DE ESPAA
17*
2010
2011
2012
-60
3.4. INDUSTRIAL PRODUCTION INDEX. SPAIN AND EURO AREA (a)
Overall Index
By end-use of goods
By branch of activity (NACE 2009)
Memorandum item: euro area
of which
Total
Original
series
Capital
goods
Intermediate
goods
Energy
Mining
and
quarrying
Manufacturing
Total
By end-use of goods
Electrity
and gas
supply
12-month
%change
12
2
Consumer
goods
10
Manufac- Consumer Capital

turing
goods
goods
Intermediate
goods
11
14
12
13
09
10
11
MP
MP
MP
82.6
83.4
81.9
-16.2
0.9
-1.8
-8.8
0.9
-1.4
-22.5
-3.3
0.3
-21.4
2.7
-2.6
-8.6
2.5
-3.6
-24.3
4.4
-14.6
-17.0
0.6
-1.4
-7.6
2.9
-3.6
-14.9
7.3
3.4
-15.9
7.7
4.6
-5.0
3.0
0.6
-20.9
9.2
8.8
-19.2
10.0
4.0
11 J-J
12 J-J
MP
MP
84.9
80.0
-0.3
-5.8
-1.3
-3.6
2.4
-11.3
0.1
-7.1
-2.5
0.5
-12.4
-17.1
0.2
-6.3
-2.6
0.1
5.0
-2.1
6.3
-2.2
0.9
-3.0
11.2
0.0
6.1
-3.6
11 Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
P
P
P
P
P
P
P
P
P
78.9
87.1
86.7
85.0
64.1
84.9
81.1
84.0
74.2
-4.0
1.2
-2.6
-5.2
0.3
-1.4
-4.5
-7.0
-6.5
-6.1
2.9
-1.5
-4.3
3.0
0.7
-2.4
-4.0
-4.0
-1.4
6.4
0.3
-1.3
7.3
1.1
-1.9
-7.8
-8.1
-4.1
-2.2
-4.2
-6.2
-3.4
-4.3
-6.3
-9.9
-8.1
-3.2
-1.0
-5.2
-10.2
-3.1
-2.9
-7.6
-5.2
-6.4
-15.9
-14.8
-14.7
-15.3
-23.3
-17.8
-20.7
-16.2
-8.5
-3.7
1.9
-2.4
-4.6
1.5
-1.2
-4.0
-6.9
-6.4
-5.5
-1.7
-2.3
-9.3
-4.1
-1.6
-6.0
-6.3
-7.2
5.2
4.1
2.6
4.1
5.7
2.1
0.9
-1.7
6.6
5.7
3.3
4.9
6.7
2.6
1.7
0.8
0.2
3.2
1.8
-0.5
-1.0
2.7
0.1
0.3
-1.7
-0.6
10.6
10.8
7.0
11.5
12.6
5.8
4.8
4.6
2.0
5.6
4.3
2.9
4.1
5.3
1.9
-0.1
-0.7
-0.3
12 Jan
Feb
Mar
Apr
May
Jun
Jul
P
P
P
P
P
P
P
78.4
80.8
82.7
72.3
82.0
80.8
82.8
-2.6
-3.2
-10.5
-8.4
-5.9
-6.8
-2.6
0.9
-2.3
-8.2
-7.5
-3.0
-3.3
-1.5
-6.0
-9.0
-14.3
-15.5
-12.7
-13.5
-7.1
-3.5
-5.2
-13.1
-8.2
-6.7
-7.8
-4.1
-3.6
7.9
-3.1
-0.2
0.3
-1.8
4.8
-2.6
-12.6
-6.0
-16.0
-42.0
-34.5
-2.3
-4.7
-11.0
-9.7
-6.5
-6.8
-2.5
-5.1
8.9
-5.6
3.5
2.3
-1.7
0.3
-1.8
-1.8
-1.7
-2.6
-2.6
-2.1
-2.3
-0.8
-2.6
-1.0
-3.3
-2.9
-2.4
-2.2
-2.0
-4.7
-2.4
-4.2
-2.6
-2.2
-3.0
1.6
1.0
2.5
-1.0
-1.8
-0.9
-0.9
-1.9
-4.6
-2.8
-4.6
-3.8
-3.7
-3.4
INDUSTRIAL PRODUCTION INDEX

INDUSTRIAL PRODUCTION INDEX

CONSUMPTION GOODS
INVESTMENT GOODS
INTERMEDIATE GOODS
SPAIN
EURO AREA
10
10
10
10
-10
-10
-10
-10
-20
-20
-20
-20
-30
-30
-30
2009
2010
2011
2012
2009
Sources: INE and BCE.

Note: The underlying series for this indicator are in Table 23.1 of the BE Boletn estadstico.
a. Spain 2005 = 100; euro area 2000 = 100.
BANCO DE ESPAA
18*
2010
2011
2012
-30
3.5. MONTHLY BUSINESS SURVEY: INDUSTRY AND CONSTRUCTION. SPAIN AND EURO AREA (NACE 2009)
Percentage balances
Industry, excluding construction
Construction
Memorandum item:euro area (b)
Business climate
Trend
Industry, excluding
Business Produc- Trend
Total Foreign Stocks
indicator
Business Produc- Orders
construction
climate
tion
in pro- orders orders
of
climate
tion
indiover
duction
finished
indicator
cator- the last
products Con- InInOther
Produc- Orders Business Order
three
sum- vest- tersection
climate
Book
months
ption ment metors
indicator
diate
(a)
(a)
(a)
(a)
(a)
(a) goods (a)
(a)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Construction
climate
indicator
18
09
10
11
M
M
M
-30
-16
-15
-34
-8
-12
-11
-1
-3
-55
-37
-31
-52
-29
-24
23
11
11
-19
-10
-10
-26
-14
-12
-37
-18
-17
-44
-52
-45
-31
-32
-55
-20
-19
-23
-32
-31
-48
-13
-26
-46
-19
-33
-45
-29
-5
0
-57
-25
-7
-33
-29
-27
11 J-A
12 J-A
M
M
-14
-17
-7
-20
-2
-5
-28
-37
-22
-25
10
8
-10
-9
-10
-16
-14
-22
-52
-17
-54
-51
-21
-20
-50
-45
-42
-43
-37
-60
3
-10
-3
-22
-27
-28
11 May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
-16
-11
-16
-15
-17
-15
-17
-21
-7
-6
-6
-7
-11
-19
-26
-30
-5
-2
-5
1
-3
-3
-5
-6
-30
-27
-28
-33
-34
-31
-38
-40
-22
-17
-20
-24
-28
-23
-29
-30
11
5
14
12
14
12
8
15
-12
-11
-9
-12
-8
-7
-9
-10
-11
-6
-14
-8
-15
-8
-17
-25
-16
-13
-18
-17
-22
-22
-22
-25
-63
-33
-46
-35
-30
-35
-29
-35
-52
-49
-52
-48
-55
-53
-51
-62
-6
-6
-9
-10
-38
-12
-37
-19
-47
-41
-40
-45
-46
-46
-33
-43
-24
-27
-62
-47
-51
-31
-71
-65
-31
-31
-65
-49
-56
-54
-74
-62
4
3
1
-3
-6
-7
-7
-7
-3
-2
-5
-10
-12
-14
-14
-16
-27
-27
-27
-26
-30
-27
-26
-29
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
-14
-15
-15
-17
-15
-19
-18
-21
-26
-26
-19
-17
-18
-16
-18
-22
-2
-3
-8
-5
-2
-9
-3
-10
-36
-32
-32
-34
-36
-39
-42
-42
-26
-26
-19
-23
-25
-28
-27
-27
4
9
7
10
7
8
10
12
-10
-12
-10
-7
-8
-7
-10
-10
-14
-14
-14
-16
-15
-19
-10
-25
-17
-17
-21
-24
-20
-26
-26
-26
-9
-5
-8
-8
-14
-35
-25
-31
-65
-53
-46
-47
-52
-43
-40
-63
-14
-40
-29
7
-26
-14
-14
-27
-50
-46
-31
-33
-52
-43
-43
-60
-67
-49
-34
-31
-42
-45
-17
-56
-66
-51
-61
-67
-65
-63
-47
-62
-7
-6
-7
-9
-11
-13
-15
-15
-16
-14
-17
-19
-24
-26
-28
-29
-28
-25
-27
-28
-30
-28
-29
-33
INDUSTRIAL BUSINESS CLIMATE

Percentage balances
10
CONSTRUCTION BUSINESS CLIMATE

Percentage balances
SPAIN
EURO AREA
10
10
SPAIN
EURO AREA
10
-10
-10
-10
-10
-20
-20
-20
-20
-30
-30
-30
-30
-40
-40
-40
-40
-50
-50
-50
-50
-60
-60
-60
-60
-70
-70
-70
2009
2010
2011
2012
2009
Sources: Ministerio de Industria, Energa y Turismo and ECB.

a. Seasonally adjusted.
b. To April 2010, NACE 1993; from May 2010, NACE 2009.
BANCO DE ESPAA
19*
2010
2011
2012
-70
3.6. BUSINESS SURVEY: CAPACITY UTILISATION. SPAIN AND EURO AREA (NACE 2009)
Percentages and percentage balances
Total industry
Memoramdum
item:
Capacity
Capacity
Capacity
Capacity
Capacity
euro
utilisation
utilisation
utilisation
utilisation
utilisation
area
Installed
Installed
Installed
Installed
Installed capacity
capacity
capacity
capacity
capacity
capacity utilisation
Over last
(PerOver last
(PerOver last
(PerOver last
(PerOver last
(Perthree
Forecast centage three
Forecast centage
months
balanmonths
balanmonths
balanmonths
balanmonths
balan(b)
(%)
ces)
(%)
ces)
(%)
ces)
ces)
ces)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
1
Consumer goods
Investment goods
Intermediate goods
10
11
Other sectors (a)
12
13
14
15
16
09
10
11
71.2
72.0
73.3
71.4
72.8
73.7
26
22
18
69.6
69.8
70.8
70.7
70.5
71.8
18
18
17
73.3
73.0
76.2
73.6
72.5
75.2
25
23
16
69.0
71.4
72.2
68.5
72.9
72.7
34
24
22
93.1
88.6
86.4
94.3
90.5
87.6
1
18
4
71.1
75.8
80.4
11 Q1-Q3
12 Q1-Q3
73.5
72.5
74.2
73.4
18
22
70.8
70.0
72.0
70.9
18
17
76.5
74.7
76.0
75.5
13
17
72.6
71.6
73.5
72.2
21
29
85.1
87.7
86.8
92.1
3
3
80.6
79.1
10 Q1
69.5
71.8
73.9
72.9
70.7
73.9
74.6
72.1
25
21
15
26
66.4
69.0
72.6
71.1
67.1
70.1
73.6
71.3
20
19
10
21
70.0
73.9
74.1
73.9
71.0
74.3
74.5
70.3
26
22
19
25
69.2
70.6
72.9
73.0
70.9
74.3
73.8
72.4
30
24
18
24
92.1
92.8
90.6
78.8
92.8
93.6
90.9
84.5
0
0
73
72.2
75.8
77.1
77.9
72.6
74.7
73.3
72.7
73.4
75.8
73.4
72.0
16
17
20
21
72.0
70.8
69.6
70.8
72.6
72.7
70.7
71.3
13
20
20
17
74.8
79.8
74.8
75.3
75.0
79.6
73.5
72.6
15
9
16
24
71.4
73.1
73.3
70.9
72.7
74.2
73.5
70.4
20
21
22
23
76.0
89.1
90.1
90.2
78.4
91.9
90.0
90.1
3
6
8
80.0
81.3
80.5
79.6
72.5
73.4
71.6
73.4
74.6
72.3
23
21
21
69.2
70.1
70.6
70.3
71.4
70.9
20
15
16
76.1
74.2
73.9
75.9
75.3
75.2
15
16
19
71.1
73.6
70.0
72.3
74.6
69.8
31
30
27
90.9
89.2
82.9
90.9
92.9
92.6
4
5
1
79.8
79.7
77.8
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
Q3
CAPACITY UTILISATION. TOTAL INDUSTRY

Percentages
CAPACITY UTILISATION. BY TYPE OF GOOD

Percentages
INVESTMENT GOODS
CONSUMPTION GOODS
INTERMEDIATE GOODS
OTHER SECTORS
TOTAL INDUSTRY (SPAIN)

TOTAL INDUSTRY (EURO AREA)
98
98
98
96
96
96
96
94
94
94
94
92
92
92
92
90
90
90
90
88
88
88
88
86
86
86
86
84
84
84
84
82
82
82
82
80
80
80
80
78
78
78
78
76
76
76
76
74
74
74
74
72
72
72
72
70
70
70
70
68
68
68
68
66
66
66
66
64
64
64
2009
2010
2011
2012
2009
Sources: Ministerio de Industria, Energa y Turismo and ECB.

a. Includes mining and quarrying, manufacture of coke and refined petroleum products, and nuclear fuels.
b. To April 2010, NACE 1993; from May 2010, NACE 2009.
BANCO DE ESPAA
20*
2010
2011
2012
98
64
3.7. TOURISM AND TRANSPORT STATISTICS. SPAIN
Hotel stays (a)
Overnight stays
Visitors entering Spain
Air transport
Maritime transport
Rail transport
Passengers
Total
Foreigners
Total
Foreigners
Total
Tourists
Day-trippers
Total
Domestic
flights
9
International
flights
10
Freight
11
Passen- Freight
gers
12
Passengers
13
14
Freight
15
09
10
11
P
P
P
-7.2
5.7
3.8
-10.8
10.6
10.6
-6.9
5.5
6.4
-9.6
7.6
12.7
-5.9
2.0
6.6
-8.8
1.0
6.8
-1.9
3.4
6.4
-8.0
3.0
6.1
-8.0
1.3
-0.4
-8.0
4.1
10.5
-9.6
15.8
2.2
-4.1
2.8
-5.4
-12.9
4.6
5.8
-5.5
-2.8
2.6
-24.8
-3.0
7.9
11 J-J
12 J-J
P
P
4.7
-1.8
11.9
1.4
7.4
-1.4
14.0
1.7
6.6
-0.7
5.9
3.3
7.6
-6.0
8.0
...
1.1
...
12.8
...
2.8
...
-7.5
...
4.9
...
2.7
-1.1
7.7
...
11 Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
P
P
P
P
P
P
P
P
P
8.4
-0.8
8.3
6.8
5.6
6.0
-0.2
-1.5
-1.2
13.1
6.6
17.5
12.7
13.0
10.3
8.2
2.5
3.6
11.8
1.7
11.0
8.7
6.2
8.4
3.2
1.7
2.0
20.5
9.3
18.0
13.7
12.2
12.4
11.1
6.2
8.0
13.6
4.7
10.5
6.1
6.8
8.1
8.0
3.8
4.3
17.9
1.8
8.4
5.8
9.4
9.2
8.0
3.6
5.5
8.3
9.6
13.8
6.5
3.8
6.5
7.9
4.0
3.2
20.7
6.4
6.8
6.7
4.6
7.6
2.3
-2.1
4.1
4.3
0.9
-0.2
0.5
-0.3
1.8
-6.3
-7.0
-1.5
33.5
9.7
11.0
10.3
7.4
10.9
7.5
1.9
8.8
-8.8
2.9
3.6
4.5
4.3
8.0
0.4
-1.6
-2.3
-1.4
-1.2
-4.3
-4.4
-11.8
8.4
2.9
-0.5
-5.9
5.5
6.9
4.6
1.3
8.5
5.3
1.9
6.9
12.8
-1.4
3.6
5.3
1.1
0.5
2.4
3.2
3.4
2.3
2.7
11.4
8.3
6.9
18.4
23.5
4.3
4.8
-9.7
12 Jan
Feb
Mar
Apr
May
Jun
Jul
P
P
P
P
P
P
P
2.6
-1.2
-0.6
-4.0
-0.4
-2.3
-3.7
4.3
2.0
0.4
-2.8
2.1
1.4
3.0
3.5
-0.7
-3.5
-4.8
0.4
-1.3
-1.4
6.1
1.3
-3.8
-4.6
3.5
2.7
4.3
1.0
-2.5
-1.7
-5.1
1.5
-2.2
2.2
4.6
0.8
2.5
-1.7
5.8
4.7
4.4
-2.3
-5.9
-6.4
-9.4
-5.1
-12.8
-1.3
-3.0
-5.7
-7.0
-7.2
-3.8
-1.3
...
-7.4
-12.2
-15.0
-14.1
-10.1
-8.4
...
0.2
-0.6
-1.1
-3.0
-0.1
2.5
...
-5.0
-2.8
-6.6
-3.5
-5.1
-0.7
...
8.3
13.7
20.0
0.8
-5.5
0.7
...
8.7
10.3
9.5
5.8
4.7
7.5
...
2.4
2.5
-1.6
-2.1
-2.6
-3.3
-2.3
3.6
0.1
-10.5
1.7
4.0
-3.9
...
TOURISM
10
TRANSPORT
OVERNIGHT STAYS
VISITORS ENTERING SPAIN
AIR TRANSPORT
RAIL TRANSPORT
10
10
10
-2
-2
-2
-2
-4
-4
-4
-4
-6
-6
-6
-6
-8
-8
-8
-8
-10
-10
-10
-10
-12
-12
-12
-12
-14
-14
-14
-14
-16
-16
-16
2009
2010
2011
2012
2009
2010
2011
2012
-16
Sources: INE and Instituto de Estudios Tursticos, Estadstica de Movimientos Tursticos en Frontera.
Note: The underlying series for this indecator are in Tables 23.14 and 23.15 of the BE Boletn estadstico .
a. Information from hotel directories. Since January 2006, the frequency of data collection has been increased to every day of the month. Because hotel directories are updated
at different times, data for different years are not directly comparable. Chaining coefficients are available for the periods 2005, June 2009-May 2010 and July 2010-July 2011.
BANCO DE ESPAA
21*
4.1. LABOUR FORCE. SPAIN
Thousands and annual percentage changes
Population over 16 years of age
Labour force
Annual change (b)
Thousands
Annual
change
Participation
rate
(%)
4-quarter
% change
Thousands
(a)
Due to change
in population
over 16 years
of age
Total
(a)
1
09
10
11
Due to change
in participation rate
8
4-quarter
% change
9
M
M
M
38 432
38 479
38 497
224
48
18
0.6
0.1
0.0
59.95
60.00
60.01
23 037
23 089
23 104
189
51
15
134
29
11
55
23
4
0.8
0.2
0.1
11 Q1-Q2 M
12 Q1-Q2 M
38 497
38 481
37
-16
0.1
-0.0
60.00
60.01
23 099
23 092
69
-15
45
-19
25
4
0.2
-0.0
09 Q4
38 443
87
0.2
59.76
22 973
-92
52
-144
-0.4
10 Q1
38 451
38 468
38 485
38 512
42
36
43
69
0.1
0.1
0.1
0.2
59.83
60.11
60.08
59.99
23 007
23 122
23 122
23 105
-95
40
128
132
25
22
26
42
-120
18
102
91
-0.4
0.2
0.6
0.6
38 512
38 481
38 488
38 508
61
13
2
-4
0.2
0.0
0.0
-0.0
59.88
60.12
60.11
59.94
23 062
23 137
23 135
23 081
55
14
13
-24
37
8
1
-3
18
6
12
-21
0.2
0.1
0.1
-0.1
38 494
38 467
-18
-14
-0.0
-0.0
59.94
60.08
23 073
23 110
11
-26
-11
-8
22
-18
0.0
-0.1
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
LABOUR FORCE SURVEY

Annual percentage change
2.4
LABOUR FORCE
Annual changes
POPULATION
LABOUR FORCE
2.4
2.2
2.2
2.0
2.0
1.8
1.8
1.6
1.6
1.4
1.4
1.2
1.2
1.0
1.0
0.8
0.8
0.6
0.6
0.4
0.4
0.2
0.2
0.0
0.0
-0.2
-0.2
-0.4
-0.4
-0.6
2009
2010
2011
2012
-0.6
600
TOTAL
DUE TO CHANGE IN POPULATION
DUE TO CHANGE IN PARTICIPATION RATE thousands
600
500
500
400
400
300
300
200
200
100
100
thousands
-100
-200
-100
2009
2010
2011
2012
-200
Source: INE (Labour Force Survey: 2005 methodology).

a. the new definition of unemployment applies from 2001 Q1 onwards, entailing a break in the series. (See www.ine.es).
b. Col.7 = (col.5/col.1)x annual change in col.1. Col. 8 = (annual change in col.4/100) x col.1(t-4).
General note to the tables: As a result of the change in the population base (2001 Census), all the series in this table have been revised as from 1996. In addition, since 2005
Q1 the new obligatory variables referred to in Regulation (EC) 2257/2003 (on the adaptation of the list of labour force survey characteristics) have been included, a centralised
procedure for telephone interviews has been set in place and the questionnaire has been modified. Thus, in 2005 Q1, there is a break in the series of some variables. For further
information, see www.ine.es
BANCO DE ESPAA
22*
4.2. EMPLOYMENT AND WAGE-EARNERS. SPAIN AND EURO AREA
Thousands and annual percentage changes

Employment
Total
Memorandum item:
euro area
Unemployment
Wage-earners
Other
EmployUnemment
UnemAnnual 4-quarter
Annual 4-quarter
Annual 4-quarter
Annual 4-quarter ployment 4-quarter ployment
Thousands change % change Thousands change % change Thousands change % change Thousands change % change
rate
% change
rate
(a)
1
09
10
11
10
(a)
11
12
13
14
15
18 888 -1 370
18 457
-431
18 105
-352
-6.8
-2.3
-1.9
15 681 -1 001
15 347
-334
15 105
-241
-6.0
-2.1
-1.6
3 207
3 110
2 999
-369
-98
-110
-10.3
-3.0
-3.6
4 150
4 632
4 999
1 559
483
367
60.2
11.6
7.9
18.01
20.07
21.64
-1.8
-0.6
0.1
9.59
10.13
10.17
11 Q1-Q2 M
12 Q1-Q2 M
18 227
17 425
-1.1
-4.4
15 207
14 404
-102
-802
-0.7
-5.3
3 021
3 021
-106
0
-3.4
0.0
4 872
5 666
243
794
5.2
16.3
21.09
24.54
0.3
...
9.94
11.05
09 Q4
18 646 -1 211
-6.1
15 493
-816
-5.0
3 153
-395
-11.1
4 327
1 119
34.9
18.83
-2.0
10.02
10 Q1
18 394
18 477
18 547
18 408
-697
-468
-323
-238
-3.6
-2.5
-1.7
-1.3
15 253
15 363
15 456
15 314
-590
-373
-194
-178
-3.7
-2.4
-1.2
-1.2
3 141
3 113
3 090
3 094
-107
-95
-130
-59
-3.3
-3.0
-4.0
-1.9
4 613
4 646
4 575
4 697
602
508
451
370
15.0
12.3
10.9
8.6
20.05
20.09
19.79
20.33
-1.4
-0.7
-0.2
0.0
10.13
10.18
10.13
10.09
18 152
18 303
18 156
17 808
-243
-174
-391
-601
-1.3
-0.9
-2.1
-3.3
15 121
15 292
15 179
14 829
-133
-71
-277
-485
-0.9
-0.5
-1.8
-3.2
3 031
3 011
2 977
2 978
-110
-103
-114
-116
-3.5
-3.3
-3.7
-3.7
4 910
4 834
4 978
5 274
298
188
404
577
6.4
4.1
8.8
12.3
21.29
20.89
21.52
22.85
0.2
0.3
0.2
-0.2
9.94
9.94
10.20
10.58
17 433
17 417
-719
-886
-4.0
-4.8
14 411
14 397
-710
-895
-4.7
-5.9
3 022
3 020
-9
9
-0.3
0.3
5 640
5 693
729
859
14.9
17.8
24.44
24.63
-0.4
...
10.89
11.21
M
M
M
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
-208
-802
EMPLOYMENT
LABOUR FORCE: COMPONENTS

WAGE-EARNERS
OTHER EMPLOYMENT
UNEMPLOYED
SPAIN
EURO AREA
1
-1
-1
-2
90
90
80
80
70
70
60
60
50
50
-2
-3
-3
40
40
-4
-4
30
30
20
20
-5
-5
10
10
-6
-6
-7
-8
-7
2009
2010
2011
2012
-8
-10
-20
-10
2009
2010
2011
2012
-20
Sources: INE (Labour Force Survey: 2005 methodology), and ECB.

a. the new definition of unemployment applies from 2001 Q1 onwards, entailing a break in the series. (See www.ine.es).
information, see www.ine.es.
BANCO DE ESPAA
23*
4.3. EMPLOYMENT BY BRANCH OF ACTIVITY. SPAIN (a)

Total
Agriculture
Industry
Construction
Memorandum
item:
Services
ProporProporProporProporPropor- Employment
tion of
tion of
tion of
tion of
tion of
in
Employ- Wage- tempora Employ- Wage- tempora Employ- Wage- tempora Employ- Wage- tempora Employ- Wage- tempora- branches
ment
earners ry emment
earners ry emment
earners ry emment
earners ry emment
earners ry emother
ployployployployployment
than
ment
ment
ment
ment
agriculture
1
09
10
11
10
11
12
13
14
15
16
M
M
M
-6.8
-2.3
-1.9
-6.0
-2.1
-1.6
25.4
24.9
25.3
-4.0
0.9
-4.1
-0.1
5.4
-3.3
59.0
59.1
57.3
-13.3
-5.9
-2.1
-13.1
-5.2
-2.0
15.8
16.2
16.8
-23.0
-12.6
-15.6
-25.0
-14.9
-15.7
42.6
41.6
40.4
-2.5
-0.3
-0.0
-1.3
-0.1
0.1
24.0
23.5
24.4
-6.9
-2.4
-1.8
11 Q1-Q2 M
12 Q1-Q2 M
-1.1
-4.4
-0.7
-5.3
25.1
23.7
-5.5
-1.0
-4.2
-2.0
57.7
59.5
-1.9
-4.3
-1.4
-5.6
16.7
15.9
-13.0
-18.6
-12.3
-23.5
41.6
37.1
0.8
-3.1
0.9
-3.6
24.0
22.8
-0.8
-5.0
09 Q4
-6.1
-5.0
25.1
-2.6
-1.5
59.2
-11.9
-11.4
15.5
-17.3
-17.6
43.9
-3.3
-1.8
23.5
-6.2
10 Q1
-3.6
-2.5
-1.7
-1.3
-3.7
-2.4
-1.2
-1.2
24.4
24.9
25.6
24.8
-0.3
-1.1
2.3
2.8
2.4
1.1
11.2
7.7
62.7
57.1
55.4
61.3
-10.4
-6.4
-4.4
-2.2
-10.9
-5.6
-3.2
-0.7
15.0
15.9
16.5
17.2
-15.9
-11.6
-9.8
-12.8
-17.2
-14.8
-12.3
-15.1
41.1
42.2
42.3
40.9
-0.6
-0.4
-0.3
0.2
-0.5
-0.2
0.2
0.1
22.8
23.6
24.5
23.3
-3.8
-2.5
-1.9
-1.5
-1.3
-0.9
-2.1
-3.3
-0.9
-0.5
-1.8
-3.2
24.8
25.5
26.0
25.0
-6.2
-4.8
-6.1
0.5
-4.6
-3.8
-8.4
3.2
59.1
56.2
54.2
59.8
-2.3
-1.6
-0.9
-3.7
-1.1
-1.8
-0.5
-4.5
16.6
16.8
17.3
16.5
-10.2
-15.9
-17.8
-18.8
-9.0
-15.6
-18.5
-20.0
41.5
41.7
39.8
38.5
0.3
1.3
-0.2
-1.6
0.2
1.6
0.0
-1.4
23.4
24.7
25.6
24.1
-1.1
-0.8
-1.9
-3.4
-4.0
-4.8
-4.7
-5.9
23.8
23.7
-0.9
-1.2
-3.2
-0.7
60.4
58.6
-3.2
-5.4
-4.6
-6.5
15.5
16.3
-20.6
-16.6
-26.0
-20.9
37.0
37.2
-2.4
-3.7
-2.6
-4.5
22.9
22.8
-4.1
-5.0
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
EMPLOYMENT
TEMPORARY EMPLOYMENT
Percentages
TOTAL
INDUSTRY
CONSTRUCTION
SERVICES
INDUSTRY
CONSTRUCTION
SERVICES
%
44
42
42
-2
-2
40
40
38
38
-4
-4
36
36
34
34
-6
-6
-8
-8
44
32
32
-10
-10
30
30
-12
-12
28
28
-14
-14
26
26
-16
-16
24
24
22
22
-18
-18
20
20
18
18
-20
-20
-22
-22
16
16
-24
-24
14
14
-26
-26
12
2009
2010
2011
2012
2009
2010
2011
2012
12

a. Series re-calculated drawing on the transition matrix to NACE 2009 published by INE. The underlying series of this indicator are in Tables 24.4 and 24.6 of the BE Boletn
Estadstico.
General note to the tables:As a result of the change in the population base (2001 Census), all the series in this table have been revised as from 1996. In addition, since 2005
BANCO DE ESPAA
24*
4.4. WAGE-EARNERS BY TYPE OF CONTRACT AND UNEMPLOYMENT BY DURATION. SPAIN. (a)
Thousands, annual percentage changes and %

Wage-earners
Unemployment
By type of contract
Permanent
Annual
change
Temporary
4-quarter %
change
Thousands
09
10
11
Annual
change
4-quarter %
change
Full-time
Proportion
of temporary employment
Annual
change
Thousands
2
By duration of working day
Part-time
4-quarter %
change
Thousands
4
By duration
Less
than one year
Annual
change
4-quarter %
change
As % for
wage
earners
Unemployment
rate
Thousands
7
4-quarter %
change
More
than one year
Unemployment
rate
(a)
9
10
11
4-quarter %
change
(a)
12
13
14
M
M
M
-102
-175
-244
-0.9
-1.5
-2.1
-898
-159
3
-18.4
-4.0
0.1
25.40
24.91
25.33
-1 036
-384
-304
-7.1
-2.8
-2.3
36
50
63
1.7
2.4
2.9
13.34
13.95
14.59
11.83
10.40
10.07
53.8
-11.9
-3.1
5.13
8.53
10.42
114.0
66.7
22.2
11 Q1-Q2 M
12 Q1-Q2 M
-155
-394
-1.3
-3.5
53
-409
1.4
-10.7
25.15
23.71
-182
-885
-1.4
-6.8
111
-31
5.1
-1.4
14.92
15.54
10.01
10.93
-7.8
9.1
9.95
12.55
22.4
26.1
09 Q4
-148
-1.3
-668
-14.7
25.08
-857
-6.0
42
2.0
13.87
11.37
14.8
6.50
117.8
10 Q1
-285
-224
-98
-93
-2.4
-1.9
-0.8
-0.8
-305
-149
-96
-86
-7.6
-3.8
-2.4
-2.2
24.39
24.88
25.56
24.82
-628
-436
-266
-204
-4.6
-3.2
-2.0
-1.5
39
62
73
26
1.8
2.9
3.6
1.2
13.99
14.21
13.42
14.20
11.36
10.40
9.92
9.93
-8.9
-14.0
-12.7
-12.2
7.77
8.51
8.52
9.33
93.0
80.6
61.9
44.3
-158
-152
-278
-389
-1.4
-1.3
-2.4
-3.4
26
81
1
-96
0.7
2.1
0.0
-2.5
24.77
25.52
26.02
24.98
-243
-182
-322
-469
-1.8
-1.4
-2.4
-3.6
110
111
45
-16
5.2
5.1
2.2
-0.7
14.84
15.01
13.96
14.56
10.24
9.79
9.80
10.45
-9.6
-5.8
-1.1
5.2
9.92
9.98
10.37
11.43
27.9
17.4
21.7
22.4
-388
-399
-3.4
-3.5
-321
-496
-8.6
-12.7
23.76
23.66
-658
-885
-5.1
-6.8
-52
-10
-2.3
-0.4
15.21
15.87
11.22
10.64
9.6
8.6
12.23
12.87
23.4
28.8
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
WAGE-EARNERS
UNEMPLOYMENT
Unemployment rate
PERMANENT
TEMPORARY
PART-TIME
LESS THAN ONE YEAR

MORE THAN ONE YEAR
%
-2
-2
-4
-4
-6
-6
-8
-8
-10
-10
-12
-12
-14
-14
-16
-16
-18
-18
-20
-20
-22
2009
2010
2011
2012
-22
13
13
12
12
11
11
10
10
2009
2010
2011
2012

a. The new definition of unemployment applies from 2001 Q1 onwards, entailing a break in the series. (See www.ine.es).
BANCO DE ESPAA
25*
4.5. REGISTERED UNEMPLOYMENT BY BRANCH OF ACTIVITY. CONTRACTS AND PLACEMENTS. SPAIN
Thousands, annual percentage changes and %

Registered unemployment
Total
First time
job-seekers(a)
Annual
12
change month
Thou%
sands Thou- change
sands
12
month
%
change
Contracts
Previously employed (a)
Total
Placements
Percentage of total
Total
12-month
% change
Branches other than agriculture

Total
Agriculture
6
Total
Thousands
Industry Construc- Services

tion
9
10
11
12
month
%
Perma- Part
change nent
time
Temporary
12
15
13
14
Thousands
16
12
month
%
change
17
09
10
11
M
M
M
3 644 1 104
4 061
417
4 257
196
43.5
11.4
4.8
35.7
35.1
12.9
45.3
9.9
4.1
49.9
27.4
16.0
45.2
9.4
3.8
47.7
3.1
-1.3
62.5
5.7
-0.9
40.0
12.1
6.3
1 168
1 201
1 203
-15.5
2.8
0.1
9.41 27.97
8.55 29.26
7.74 30.69
90.59
91.45
92.26
1 165
1 191
1 213
-14.2
2.3
1.9
11 J-A
12 J-A
M
M
4 207
4 669
155
462
3.8
11.0
15.5
6.0
2.8
11.5
16.1
17.4
2.4
11.3
-3.1
8.3
-2.7
6.1
5.3
13.4
1 170
1 111
1.4
-5.0
8.16 30.10
7.69 33.04
91.84
92.31
1 173
1 122
2.5
-4.3
11 Jul
Aug
Sep
Oct
Nov
Dec
4 080
4 131
4 227
4 361
4 420
4 422
171
161
209
275
310
322
4.4
4.1
5.2
6.7
7.5
7.9
8.8
7.2
8.9
8.7
7.3
6.1
4.0
3.8
4.8
6.5
7.6
8.0
15.5
14.7
17.0
17.5
13.4
15.1
3.6
3.4
4.4
6.1
7.4
7.8
-1.8
-1.7
-0.1
2.0
3.1
3.6
-0.2
-0.6
0.7
3.0
3.9
3.0
5.9
5.8
6.6
8.0
9.3
10.1
1 349
1 061
1 394
1 295
1 218
1 165
-3.4
5.1
0.2
-3.8
-3.2
-2.0
6.66
6.23
7.51
7.51
6.89
5.64
33.44
30.37
33.30
35.30
31.05
27.79
93.34
93.77
92.49
92.49
93.11
94.36
1 346
1 075
1 473
1 333
1 206
1 165
-2.9
5.3
2.2
2.9
-2.9
0.0
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
4 600
4 712
4 751
4 744
4 714
4 615
4 587
4 626
369
413
417
475
524
493
508
495
8.7
9.6
9.6
11.1
12.5
12.0
12.4
12.0
5.2
5.5
5.6
8.0
10.0
7.3
4.5
2.3
9.1
10.0
10.0
11.4
12.8
12.4
13.2
12.9
17.9
18.7
17.4
18.4
17.7
15.1
16.7
17.8
8.7
9.7
9.8
11.2
12.6
12.3
13.1
12.7
4.9
6.2
6.9
8.1
9.8
10.2
10.5
9.8
4.5
6.2
6.3
6.5
7.8
7.1
5.9
4.7
10.8
11.4
11.4
13.2
14.6
14.3
15.8
15.7
1 039
959
1 027
1 003
1 204
1 284
1 352
1 022
-6.9
-5.2
-11.1
-6.0
-6.6
-2.2
0.2
-3.7
7.31
7.77
9.59
8.98
7.97
7.13
6.74
6.05
29.38
30.87
32.41
33.46
32.79
34.78
37.00
33.65
92.69
92.23
90.41
91.02
92.03
92.87
93.26
93.95
1 054
970
1 036
1 023
1 221
1 282
1 357
1 035
-5.6
-3.4
-9.7
-5.6
-6.5
-1.7
0.9
-3.7
PLACEMENTS
Annual percentage changes (Trend obtained with TRAMO-SEATS)
REGISTERED UNEMPLOYMENT
100
TOTAL
AGRICULTURE
INDUSTRY
CONSTRUCTION
SERVICES
TOTAL
%
100
90
90
80
80
70
70
60
60
50
50
40
40
30
30
20
20
10
10
-10
-2
-2
-4
-4
-6
-6
-8
-8
-10
-10
-12
-12
-14
-14
-16
-16
-18
-18
-20
-20
-22
-22
-24
-24
2009
2010
2011
2012
-10
-26
2009
Source: Instituto de Empleo Servicio Pblico de Empleo Estatal (INEM).

Note: The underlying series for this indicator are in Tables 24.16 and 24.17 of the BE Boletn estadstico.
a. To December 2008, NACE 1993; from January 2009, NACE 2009.
BANCO DE ESPAA
26*
2010
2011
2012
-26
4.6. COLLECTIVE BARGAINING AGREEMENTS
Thousands and %
As per month
economic effects
come into force(a)
As per month recorded

Employees affected (a)
EmAverage Automaployees wage

tic
affecsettle- adjustted
ment
ment
(b)
1
09
10
11
11 558
10 794
8 736
Newlysigned
agreements
Total
Annual Agriculchange ture
AutoIndus- Construc- Services matic

try
tion
adjustment
(c)
6
(c)
8
(c)
9
Newly
signed
agreements
Total
(c)
10
11
12
13
Agriculture
Indus- Constructry
tion
Services
(c)
14
(c)
15
(c)
16
(c)
17
1 064 8 676 -126

1 023 7 093 -1 583
1 157 6 267 -826
483 2 063
557 1 699
415 1 752
1 158
1 084
1 026
4 971
3 753
3 075
2.62
1.32
2.68
2.35
1.20
1.58
2.59
1.30
2.48
2.39
1.35
2.49
2.48
1.08
2.71
3.57
1.49
1.52
2.43
1.34
2.67
2 780
901
3 025
244
4 007
923
4 719 1 116
5 004 1 232
5 024
968
5 122
-7
5 508 -694
6 064 -900
6 267 -826
263
263
263
345
351
351
352
372
412
415
1 064
1 149
1 193
1 270
1 306
1 309
1 374
1 404
1 693
1 752
155
228
644
854
918
919
919
932
964
1 026
1 298
1 384
1 906
2 251
2 429
2 445
2 476
2 800
2 994
3 075
3.08
3.03
2.82
2.82
2.77
2.77
2.77
2.73
2.71
2.68
1.66
1.63
1.95
1.41
1.59
1.60
1.64
1.73
1.61
1.58
3.06
3.01
2.80
2.71
2.65
2.65
2.63
2.60
2.51
2.48
2.81
2.81
2.81
2.55
2.53
2.53
2.54
2.51
2.49
2.49
3.27
3.17
3.11
3.08
3.04
3.04
2.99
2.99
2.76
2.71
1.81
1.72
1.58
1.52
1.52
1.52
1.52
1.52
1.52
1.52
3.10
3.14
3.02
2.97
2.89
2.88
2.87
2.78
2.69
2.67
1 240
1 671
2 105
2 231
2 705
2 911
3 257
3 615
162
164
164
164
242
243
243
244
587
648
678
699
724
747
784
881
2
2
2
2
2
21
83
234
490
856
1 260
1 365
1 737
1 900
2 147
2 256
2.45
2.33
2.18
2.16
1.92
1.86
1.66
1.60
1.71
1.13
1.05
1.15
0.83
0.85
0.85
0.87
2.44
2.31
2.16
2.14
1.78
1.73
1.56
1.47
2.45
2.47
2.47
2.47
2.15
2.15
2.15
2.15
2.54
2.49
2.46
2.44
1.99
1.96
1.73
1.57
2.50
2.50
2.59
2.59
2.54
1.20
1.05
1.02
2.32
2.14
1.95
1.94
1.63
1.58
1.44
1.40
8 355
8 478
8 485
8 525
8 644
8 645
8 686
8 731
8 732
8 736
2.56
2.57
2.57
2.57
2.56
2.56
2.56
2.55
2.55
2.55
2 754
2 984
3 935
4 355
4 495
4 506
4 513
4 777
4 972
5 110
26
41
71
365
509
518
609
731
1 092
1 157
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
3 469
3 498
3 499
3 607
3 609
3 610
3 611
3 611
1.48
1.49
1.49
1.47
1.47
1.47
1.47
1.47
1 225
1 641
2 063
2 182
2 356
2 525
2 842
2 970
15
29
41
48
349
386
415
646
-133
-559
-676
-794
-1 301
-1 808
-1 747
-1 408
EMPLOYEES AFFECTED
January-august
AVERAGE WAGE SETTLEMENT

January-august
2011
2012
thousands
6000
thousands
5000
6000
2011
2012
3.2
3.2
2.8
2.8
2.4
2.4
2.0
2.0
1.6
1.6
1.2
1.2
0.8
0.8
0.4
0.4
5000
4000
4000
3000
3000
2000
2000
1000
1000
TOTAL
2.24 7 611
2.16 6 071
2.55 5 110
11 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Average wage settlement (%)
INDUSTRY
SERVICES
AGRICULTURE
CONSTRUCTION
0.0
TOTAL
Source: Ministerio de Empleo y Seguridad Social, Estadstica de Convenios Colectivos de Trabajo. Avance mensual.
a. Cumulative data.
b. Includes revisions arising from indexation clauses, except in 2012.
c. To December 2008, NACE 1993; from January 2009, NACE 2009.
BANCO DE ESPAA
27*
INDUSTRY
SERVICES
AGRICULTURE
CONSTRUCTION
0.0
4.7. QUARTERLY LABOUR COSTS SURVEY

Labour costs
Wage costs
Per worker and per month
Total
1
09
10
11
Industry
Construction
Per hour
worked
Per worker and per month
Services
4
Total
5
Industry
Construction
Per hour
worked
Other
costs
per
worker
and
month
memoramdum item:
total hourly costs
(a)
Spain
(b)
Euro
area (c)
Services
9
10
11
12
13
M
M
M
3.5
0.4
1.2
3.1
2.3
1.7
5.4
0.1
2.8
3.5
0.2
1.0
5.6
0.6
2.2
3.2
0.9
1.0
2.1
2.9
2.8
5.2
0.8
2.5
3.2
0.5
0.5
5.3
1.1
2.1
4.3
-1.1
1.6
4.8
0.5
2.2
2.7
1.5
2.8
11 Q1-Q2 M
12 Q1-Q2 M
0.8
0.4
1.4
2.6
2.9
2.4
0.6
-0.1
0.8
1.0
0.8
0.6
3.1
2.0
2.8
1.8
0.1
0.2
0.7
1.3
1.0
-0.2
1.5
1.0
2.9
...
09 Q4
2.5
2.7
4.1
2.5
5.1
2.7
2.5
5.3
2.5
5.3
1.9
3.9
1.5
10 Q1
1.0
1.2
-0.3
-0.3
2.1
2.5
2.1
2.3
0.7
0.4
-0.9
0.2
1.0
1.1
-0.6
-0.8
2.1
0.8
-1.4
1.1
1.9
1.8
0.1
-
2.8
3.0
2.9
2.8
1.9
1.4
-0.9
0.6
1.6
1.6
-0.4
-0.7
2.9
1.4
-0.9
1.3
-1.1
-0.6
-1.5
-1.0
1.9
1.3
-0.9
-
1.8
1.5
1.2
1.6
0.8
0.8
1.5
1.6
1.3
1.6
2.2
1.8
2.8
3.0
1.8
3.3
0.6
0.6
1.4
1.5
1.5
4.8
2.5
1.0
0.6
1.2
1.4
3.0
3.1
2.8
2.3
2.3
3.2
1.9
2.4
0.3
-0.2
0.8
1.1
0.2
1.3
4.5
2.2
0.4
1.5
2.2
2.2
1.3
1.7
3.2
2.5
2.5
3.3
2.5
2.8
1.1
-0.3
2.6
2.6
2.3
2.6
0.8
-1.0
1.4
0.7
1.2
-
1.9
2.1
1.3
2.2
1.0
-0.5
1.5
1.0
0.9
-1.4
1.9
0.2
2.0
...
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
PER WORKER AND MONTH

PER HOUR WORKED

LABOUR COSTS
WAGE COSTS
LABOUR COSTS PER HOUR. SPAIN

LABOUR COSTS PER HOUR. EURO AREA
-1
-1
-1
2009
2010
2011
2012
2009
Sources: INE (Quarterly Labour Costs Survey and Harmonised Labour Costs Index) and Eurostat.
Note: The underlying series for this indicator are in Tables 24.25, 24.26 and 24.27 of de BE Boletn estadstico.
a. Working day adjusted.
b. Harmonised Labour Costs Index.
c. Whole economy, excluding agriculture, public administration, education, health and services not classified elsewhere.
BANCO DE ESPAA
28*
2010
2011
2012
-1
4.8. UNIT LABOUR COSTS. SPAIN AND EURO AREA (a)

Unit labour costs
Whole-economy
Whole-economy
Spain
09
10
11
09 Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
Euro
area
Compensation per
employee
Industry
Spain
Euro
area
Spain
(b)
Spain
Euro
area
Spain
Employment
Whole-economy
Euro
area
10
Spain
(b)
11
Euro
area
12
P
P
P
1.5
-2.0
-1.4
4.2
-0.8
0.8
2.1
-6.5
-3.8
8.9
-5.9
-0.2
4.2
0.3
0.7
1.5
1.6
2.2
2.7
2.3
2.2
-2.6
2.5
1.4
-3.7
-0.3
0.4
-4.4
1.9
1.5
-6.3
-2.5
-1.7
-1.8
-0.6
0.1
P
P
1.1
1.0
3.7
1.9
2.8
1.6
6.6
1.4
4.0
3.7
1.4
1.6
2.9
2.6
-2.2
-0.3
-4.0
-3.1
-4.4
-2.3
-6.7
-5.6
-2.2
-2.0
P
P
P
P
-1.3
-1.9
-2.3
-2.4
-0.6
-1.1
-1.0
-0.7
-5.9
-8.4
-6.6
-5.2
-7.0
-7.1
-4.7
-4.7
1.4
0.8
-0.4
-0.7
1.8
1.8
1.4
1.4
2.7
2.7
2.0
1.7
2.4
2.9
2.4
2.1
-1.5
-0.2
0.0
0.4
1.0
2.2
2.2
2.2
-4.1
-2.8
-1.9
-1.4
-1.4
-0.7
-0.2
0.0
P
P
P
P
-1.3
-1.4
-1.6
-1.5
-0.2
0.9
1.1
1.4
-7.4
-3.4
-2.1
-2.1
-2.2
-0.5
-0.1
2.1
0.6
0.1
0.7
1.4
2.1
2.2
2.3
2.2
1.9
1.5
2.3
2.9
2.2
1.3
1.2
0.9
0.5
0.5
0.6
-0.0
2.4
1.7
1.3
0.7
-1.4
-0.9
-1.6
-2.9
0.2
0.3
0.2
-0.2
P
P
-1.5
-2.1
1.5
...
2.3
-0.7
2.9
...
1.5
1.3
1.9
...
3.1
3.5
0.4
...
-0.6
-1.3
-0.0
-0.4
-3.6
-4.6
-0.4
...
UNIT LABOUR COSTS: TOTAL

16
GDP
(volume measures)
Productivity
Euro
area
Memorandum items
UNIT LABOUR COSTS: INDUSTRY

SPAIN
EURO AREA
SPAIN
EURO AREA
16
16
14
14
14
14
12
12
12
12
10
10
10
10
-2
-2
-2
-2
-4
-4
-4
-4
-6
-6
-6
-6
-8
-8
-8
-8
-10
2009
2010
2011
2012
-10
-10
2009
2010
Sources: INE (Quarterly National Accounts of Spain. Base year 2008) and ECB.
a. Spain: prepared in accordance with ESA95. SEASONALLY- AND WORKING-DAY-ADJUSTED SERIES (see economic bulletin April 2002).
b. Full-time equivalent employment.
BANCO DE ESPAA
29*
2011
2012
16
-10
5.1. CONSUMER PRICE INDEX. SPAIN (2011=100)
Indices and annual percentage changes
Total (100%)
Original
series
Month-on- 12-month
month
% change
% change
(a)
3
Memorandum item:prices for

agricultural products
(2005=100)
Annual percentage change (12-month % change)
Cumulative
% change
during year
(b)
4
Industrial
goods
excl.
energy
products
Unprocessed Processed
food
food
Energy
Services
Original
series
IPSEBENE
(c)
10
11
12-month
% change
12
09
10
11
M
M
M
95.2
96.9
100.0
_
_
_
-0.3
1.8
3.2
0.8
3.0
2.4
-1.3
0.0
1.8
0.9
1.0
3.8
-1.3
-0.4
0.6
-8.7
12.6
15.8
2.4
1.3
1.8
0.8
0.6
1.7
94.9
100.8
101.5
-11.3
6.2
0.7
11 J-A
12 J-A
M
M
99.6
101.6
0.1
0.1
3.4
2.1
0.5
0.2
2.3
1.8
3.6
3.0
0.7
0.3
16.9
8.3
1.8
1.2
1.8
1.3
101.7
...
0.4
...
11 May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
100.4
100.2
99.7
99.8
100.1
100.9
101.3
101.4
-0.1
-0.5
0.1
0.2
0.8
0.4
0.1
3.5
3.2
3.1
3.0
3.1
3.0
2.9
2.4
1.3
1.2
0.7
0.8
1.0
1.8
2.2
2.4
2.7
2.1
1.6
1.1
1.3
0.9
0.8
0.7
4.7
2.9
3.4
3.3
4.1
4.4
4.4
3.1
0.9
0.9
0.4
0.4
0.5
0.6
0.3
0.3
15.3
15.4
16.0
15.3
15.9
14.5
13.8
10.3
2.0
1.9
1.7
1.7
1.6
1.6
1.6
1.7
2.1
1.7
1.6
1.6
1.7
1.7
1.7
1.5
106.5
108.6
91.5
92.2
102.7
103.5
101.6
100.3
-8.1
6.7
5.1
4.2
5.2
2.6
-0.2
-2.7
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
100.3
100.4
101.1
102.5
102.3
102.1
101.9
102.5
-1.1
0.1
0.7
1.4
-0.1
-0.2
-0.2
0.6
2.0
2.0
1.9
2.1
1.9
1.9
2.2
2.7
-1.1
-1.0
-0.3
1.1
0.9
0.7
0.5
1.1
1.0
1.8
1.4
2.1
1.1
2.5
2.0
2.7
2.8
2.8
2.7
2.9
3.0
3.8
3.2
3.2
0.2
0.1
0.3
0.1
0.2
0.1
1.0
0.7
8.0
7.9
7.5
8.9
8.3
6.2
7.8
11.9
1.4
1.3
1.2
1.1
1.1
1.2
1.0
1.1
1.3
1.2
1.2
1.1
1.1
1.3
1.4
1.4
99.0
106.7
110.9
108.5
...
...
...
...
0.0
1.4
5.1
2.7
...
...
...
...
CONSUMER PRICE INDEX. TOTAL AND COMPONENTS

CONSUMER PRICE INDEX. COMPONENTS

TOTAL
IPSEBENE
INDUSTRIAL GOODS EXCL. ENERGY PRODUCTS
SERVICES
PROCESSED FOOD
UNPROCESSED FOOD
ENERGY
%
-1
-1
20
10
10
-10
-2
-3
20
-10
-2
2009
2010
2011
2012
-3
-20
Sources: INE, Ministerio de Agricultura,Alimentacin y Medio Ambiente.

Note: The underlying series for this indicator are in Tables 25.2 and 25.8 of the BE Boletn estadstico.
a. For annual periods: average growth for each year on the previous year.
b. For annual periods: December-on-December growth rate.
c. Index of non-energy processed goods and service prices.
BANCO DE ESPAA
30*
2009
2010
2011
2012
-20
5.2. HARMONISED INDEX OF CONSUMER PRICES. SPAIN AND EURO AREA (2005=100) (a)
Total
Goods
Services
Food
Euro
area
Spain
Euro
area
Spain
Total
1
M
M
M
11 J-A
12 J-A
M
MP
Processed
Unprocessed
Euro
area
Spain
Euro
area
Spain
09
10
11
Industrial
Euro
area
Spain
7
Spain
9
Euro
area
10
Non-energy
Spain
Spain
11
12
Energy
13
Euro
area
Euro
area
Spain
14
15
Euro
area
16
17
18
-0.2
2.0
3.1
0.3
1.6
2.7
-1.8
2.7
4.0
-0.9
1.8
3.3
0.2
1.1
2.8
0.7
1.1
2.7
1.0
1.4
4.2
1.1
0.9
3.3
-0.7
0.7
1.3
0.2
1.3
1.8
-2.9
3.5
4.7
-1.7
2.2
3.7
-0.9
0.3
0.5
0.6
0.5
0.8
-9.0
12.5
15.7
-8.1
7.4
11.9
2.2
1.1
1.6
2.0
1.4
1.8
3.2
2.0
2.6
...
4.2
2.7
3.2
...
2.7
2.3
2.5
...
4.1
3.5
2.8
...
1.3
1.0
1.9
...
5.0
2.8
3.5
...
0.5
0.5
0.6
...
16.8
8.3
12.0
...
1.7
1.1
1.8
...
11 May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
3.4
3.0
3.0
2.7
3.0
3.0
2.9
2.4
2.7
2.7
2.6
2.5
3.0
3.0
3.0
2.7
4.4
3.9
4.0
3.5
4.0
4.0
3.9
2.9
3.4
3.2
2.9
3.0
3.7
3.9
3.9
3.3
3.7
2.4
2.9
2.1
3.3
3.3
3.3
2.3
2.8
2.7
2.6
2.7
3.0
3.3
3.4
3.1
5.5
3.0
3.6
3.6
4.6
5.0
5.1
3.4
3.2
3.1
3.4
3.6
4.0
4.3
4.3
4.1
1.8
1.7
2.0
0.5
1.8
1.5
1.5
1.0
2.4
2.0
1.3
1.1
1.4
1.8
1.9
1.6
4.8
4.8
4.5
4.3
4.5
4.4
4.2
3.2
3.6
3.5
3.1
3.1
4.1
4.2
4.1
3.4
0.8
0.8
0.2
0.1
0.2
0.6
0.5
0.5
1.0
0.9
1.2
1.3
1.3
1.2
15.3
15.3
15.9
15.3
15.9
14.5
13.7
10.3
11.1
10.9
11.8
11.8
12.4
12.4
12.3
9.7
1.8
1.8
1.5
1.5
1.5
1.4
1.4
1.6
1.8
2.0
2.0
2.0
1.9
1.8
1.9
1.9
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2.0
1.9
1.8
2.0
1.9
1.8
2.2
2.7
2.7
2.7
2.7
2.6
2.4
2.4
2.4
...
2.5
2.4
2.2
2.6
2.4
2.3
3.0
3.9
3.2
3.4
3.3
3.2
2.9
2.8
2.8
...
2.2
2.1
1.8
2.2
1.9
2.9
2.3
3.1
3.1
3.3
3.3
3.1
2.8
3.2
2.9
...
2.9
2.9
2.9
3.3
3.5
4.7
4.0
3.9
4.1
4.1
3.9
3.7
3.4
3.2
2.9
...
1.4
1.3
0.6
0.9
0.2
0.9
0.5
2.3
1.6
2.2
2.2
2.1
1.8
3.1
2.9
...
2.6
2.6
2.4
2.8
2.7
2.0
3.3
4.3
3.2
3.4
3.4
3.2
3.0
2.6
2.8
...
0.3
0.2
0.3
0.2
0.4
0.2
1.3
1.0
0.9
1.0
1.4
1.3
1.3
1.3
1.5
...
7.9
7.8
7.5
8.9
8.2
6.2
7.8
11.9
9.2
9.5
8.5
8.1
7.3
6.1
6.1
...
1.3
1.1
1.1
1.1
1.1
1.1
1.0
1.0
1.9
1.8
1.8
1.7
1.8
1.7
1.8
...
HARMONISED INDEX OF CONSUMER PRICES. TOTAL

HARMONISED INDEX OF CONSUMER PRICES. COMPONENTS

GOODS (SPAIN)
GOODS (EURO AREA)
SERVICES (SPAIN)
SERVICES (EURO AREA)
TOTAL (SPAIN)
TOTAL (EURO AREA)
5
-1
-1
-1
-1
-2
-2
-2
-2
-3
-3
-3
-3
-4
-4
-4
2009
2010
2011
2012
2009
2010
2011
2012
-4
Source: Eurostat.
a. Since January 2011 the rules of Commission Regulation (EC) No 330/2009 on the treatment of seasonal products have been incorporated. This has prompted a break in the
series. The series constructed with the new methodology are only available from January 2010. The year-on-year rates of change presented here for 2010 are those
disseminated by Eurostat, wich were constructed using the series prepared with the new methodology for 2010 and using the series prepared with the old methodology for
2009. Thus, these rates give a distorted view since they compare price indices prepared using two different methodologies. The year-on-year rates of change in the HICP
in 2010, calculated on a uniform basis using solely the previous methodology and wich are consequently consistent, are as follows: Jan:1,1; Feb:0,9; Mar:1,5; Apr:1,6;
May:1,8; Jun:1,5; Jul:1,9; Aug:1,8; Sep:2,1; Oct:2,3; Nov:2,2; Dec:2,9. More detailed methodological notes can be consulted on the Eurostat Internet site (www.europa.eu.int).
BANCO DE ESPAA
31*
5.3. PRODUCER PRICE INDEX. SPAIN AND EURO AREA (2005 = 100)
Total
Consumer
goods
Month12Original
on month
series month
%
%
change
change
Monthon month
%
change
Capital
goods
12month
%
change
Monthon month
%
change
Intermediate
goods
Energy
Memorandum item: euro area
Total
12Month12Month- 12month
on month on - month
%
month
%
month
%
12change
%
change
%
change month
change
change
%
change
7
10
11
12
Consumer
goods
Capital
goods
12month
%
change
12month
%
change
13
14
Intermediate
goods
Energy
12month
%
change
12month
%
change
15
16
09
10
11
MP
MP
MP
112.4
115.9
124.0
_
_
_
-3.4
3.2
6.9
_
_
_
-0.6
0.2
2.4
_
_
_
0.8
0.2
1.2
_
_
_
-5.4
2.9
6.1
_
_
_
-6.8
9.8
17.2
-5.1
2.9
5.9
-2.1
0.4
3.1
0.5
0.3
1.4
-5.2
3.5
5.9
-11.5
6.5
11.9
11 J-J
12 J-J
MP
MP
123.4
127.8
_
_
7.2
3.6
_
_
2.3
1.7
_
_
1.2
0.8
_
_
7.1
1.0
_
_
17.2
10.5
6.3
2.8
3.0
2.4
1.3
1.2
7.1
0.7
12.1
7.3
11 Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
P
P
P
P
P
P
P
P
P
124.2
123.8
123.9
124.7
124.3
124.6
124.8
125.0
125.0
0.6
-0.3
0.1
0.6
-0.3
0.2
0.2
0.2
-
7.3
6.7
6.7
7.5
7.1
7.1
6.7
6.5
5.5
0.4
0.1
0.1
0.2
0.2
0.1
0.1
0.1
2.5
2.6
2.6
2.8
2.7
2.5
2.4
2.5
2.4
0.1
0.1
0.1
0.1
0.1
-0.1
1.3
1.3
1.3
1.4
1.3
1.2
1.3
1.2
1.1
0.5
0.2
-0.1
0.2
-0.2
-0.3
-0.4
-0.3
7.1
6.5
6.4
6.8
6.2
5.5
5.0
4.1
3.0
1.1
-1.3
0.1
2.1
-1.5
1.1
1.0
0.8
0.5
17.1
15.4
15.4
17.9
17.2
18.8
17.9
17.7
15.2
6.8
6.2
5.9
6.1
5.8
5.8
5.5
5.4
4.3
3.4
3.5
3.4
3.3
3.3
3.4
3.4
3.4
3.1
1.4
1.2
1.3
1.5
1.5
1.5
1.6
1.4
1.4
7.3
6.6
6.3
6.1
5.7
5.0
4.1
3.5
2.7
13.2
11.8
10.7
11.9
11.4
12.2
12.4
12.4
9.5
12 Jan
Feb
Mar
Apr
May
Jun
Jul
P
P
P
P
P
P
P
127.2
128.1
128.9
127.9
127.7
127.0
128.0
1.8
0.7
0.6
-0.8
-0.2
-0.5
0.8
4.9
4.7
4.4
3.0
3.2
2.5
2.6
0.2
0.2
0.2
0.3
0.1
0.4
2.1
1.8
1.7
1.6
1.6
1.5
1.7
0.4
0.1
-0.1
0.1
0.1
0.2
-
1.0
1.0
0.7
0.7
0.8
0.9
0.8
0.4
0.6
0.5
0.5
0.2
-0.3
-0.2
1.7
1.1
1.0
1.0
1.0
0.7
0.4
5.9
1.6
1.5
-3.6
-0.7
-2.0
2.8
14.3
14.5
13.7
8.4
9.0
6.8
7.5
3.9
3.8
3.5
2.6
2.3
1.8
1.8
3.0
2.9
2.8
2.3
1.9
1.8
2.0
1.3
1.2
1.2
1.2
1.3
1.1
1.0
1.6
1.1
0.9
0.6
0.5
0.1
0.0
9.7
9.9
9.0
6.7
6.3
4.7
4.8
PRODUCER PRICE INDEX. TOTAL

PRODUCER PRICE INDEX. COMPONENTS

CONSUMPTION
INVESTMENT
INTERMEDIATE GOODS
TOTAL (SPAIN)
TOTAL (EURO AREA)
8
10
-2
-2
-4
-4
-2
-2
-6
-6
-4
-4
-8
-8
-6
-6
-10
-8
-10
2009
2010
2011
2012
2009
Sources: INE and ECB.

Note: The underlying series for this indicator, for Spain, are in Table 25.3 of the BE Boletn estadstico.
a. For annual periods: average growth for each year on the previous year.
BANCO DE ESPAA
32*
2010
2011
2012
10
-8
5.4. UNIT VALUE INDICES FOR SPANISH FOREIGN TRADE

Exports/dispatches
Total
Consumer
goods
Capital
goods
Imports/arrivals
Intermediate goods
Consumer
goods
Capital
goods
Intermediate goods
Total
Total
1
10
11
12
Energy
Non-energy
Total
7
10
Energy
Non-energy
11
12
1,6
4,9
2,2
3,1
3,9
5,1
-5,2
1,5
7,6
1,8
6,0
-0,2
16,8
30,2
1,9
0,9
3,5
-0,8
4,7
8,5
6,2
1,7
5,5
3,9
2,4
-0,8
1,6
6,2
10,6
7,5
25,8
25,6
12,5
0,5
5,2
3,7
11 J-J
12 J-J
5,5
2,2
5,0
5,1
2,0
7,6
6,5
-0,2
33,3
1,9
4,4
-0,8
9,2
6,2
6,6
3,9
0,3
1,6
10,9
7,5
26,6
12,5
5,8
3,7
11 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
5,8
6,7
6,6
9,5
0,7
4,2
4,6
2,1
3,7
6,1
4,2
4,4
5,3
5,1
2,6
11,8
4,6
0,8
2,9
2,1
5,3
3,3
0,4
2,3
-3,9
3,6
4,0
1,6
4,0
2,9
4,7
-6,3
-3,8
4,0
4,0
3,5
7,9
8,3
10,0
9,4
-2,8
6,3
5,6
3,3
4,0
7,9
6,6
5,7
48,3
24,1
41,4
29,6
27,6
27,5
29,1
21,5
24,4
28,1
36,4
23,4
5,5
6,8
8,1
7,2
-5,0
4,3
3,6
2,0
2,2
2,9
0,7
4,5
11,5
10,1
11,4
11,0
3,9
7,3
9,3
5,3
7,1
8,6
10,7
6,4
6,5
6,0
10,1
9,7
4,7
2,4
4,2
3,8
1,7
5,1
5,1
6,6
-7,8
0,6
12,9
2,7
-5,1
-1,7
-1,2
-3,3
-8,3
2,3
1,8
-1,9
15,4
12,5
11,6
12,1
4,3
9,8
12,3
6,8
10,8
10,9
13,8
7,3
30,5
30,4
33,7
25,9
19,0
20,4
26,7
21,3
25,9
24,4
29,4
20,0
9,0
6,9
5,9
7,2
0,6
5,3
7,2
1,2
3,7
6,4
7,3
1,5
12 Jan
Feb
Mar
Apr
May
Jun
2,0
5,1
3,7
-0,4
2,1
0,5
3,2
4,9
8,5
3,1
4,4
6,4
14,0
14,3
7,9
1,9
2,5
5,3
-0,1
3,9
0,1
-2,6
1,1
-3,3
0,5
10,2
1,2
-0,1
3,6
-3,8
-0,7
2,4
-1,2
-2,5
0,9
-3,4
5,5
7,8
8,5
4,0
7,0
4,6
6,9
4,8
4,4
-0,2
0,6
6,9
-2,4
-0,9
3,0
0,0
6,9
2,7
5,9
9,6
10,5
5,6
9,0
4,2
17,9
16,7
13,2
10,9
10,6
5,7
1,4
4,1
5,7
1,6
6,9
2,5
EXPORT AND IMPORT UNIT VALUE INDICES (a)
IMPORT UNIT VALUE INDICES BY PRODUCT GROUP (a)
CONSUMER GOODS
CAPITAL GOODS
INTERMEDIATE GOODS
EXPORTS
IMPORTS
7
-1
-1
-2
-2
-3
-3
-4
-4
-5
-5
-6
2009
2010
2011
2012
-6
10
33*
10
-2
-2
-4
-4
-6
-6
-8
-8
-10
2009
Sources: ME and BE.

Note: The underlying series for this indicator are in the Tables 18.6 and 18.7 of the Boletn Estadstico.
a. Annual percentage changes (trend obtained with TRAMO-SEATS).
BANCO DE ESPAA
2010
2011
2012
-10
6.1. STATE RESOURCES ANS USES ACCORDING TO THE NACIONAL ACCOUNTS. SPAIN
EUR millions
Current and capital resources
Net
lending
(+) or
borrowing
(-)
1=2-8
Value
added
tax
(VAT)
Total
2=3 a 7
165 285
132 614
105 783
141 061
137 056
31 885
24 277
18 919
41 995
31 712
Current and capital uses
Other
Inter- Income
taxes
est
and
on
and
wealth
products other
taxes
and
income
imports
on
property
Other
12 938
12 715
11 586
11 798
8 021
6 636 100 446

6 989 75 803
8 125 58 156
7 722 62 838
7 338 58 816
Total
Compensation
of
emploInteryees
est
Current
and capital
transfers
within
general
government
11
8=9 a13
10
13 380
12 830
8 997
16 708
31 169
152 920
165 739
204 913
192 509
168 404
18 006
19 179
20 176
20 125
20 147
14 032 77 833
14 224 85 576
16 392 120 013
18 103 109 650
22 110 84 923
Memorandum item:
cash-basis deficit
Investment
grants
and
other
capital
transfers
12
Other
Cashbasis
deficit
Expenditure
Revenue
13
14=15-16 15
36 957
41 036
42 715
40 388
36 855
20 135
-18 747
-87 281
-52 235
-46 950
159 840
129 336
102 038
127 337
104 145
139 704
148 082
189 319
179 572
151 095
47 328
55 542
1 118 19 493 -20 610

406 19 278 -30 956
61 386
68 200
81 995
99 155
07
08
09
10
11
12 365
-33 125
-99 130
P -51 448
A -31 348
11 J-J
12 J-J
A -38 649
A -48 553
53 126 13 612
52 177 -1 136
11 Jul
Aug
Sep
Oct
Nov
Dec
A
A
A
A
A
A
-10 564
-2 212
3 170
-2 460
-12 323
21 126
6 342
-173
7 877
202
13 837 5 173
11 379 1 376
5 975
166
44 862 11 183
810
156 5 211
338
524
236 5 348 1 567
934
528 5 939 1 263
564
265 7 391 1 783
550
757 2 662 1 840
851 2 637 13 165 17 026
16 906
10 089
10 667
13 839
18 298
23 736
1 460
1 411
1 521
1 501
1 488
2 879
1 919
1 874
1 849
1 849
1 845
2 204
10 421
4 348
5 109
8 302
11 589
8 247
249
41
222
197
229
2 562
2 857
2 886
2 415 -13 073
1 966
2 602
1 990
4 347
3 147 -11 815
7 844 -8 401
15 698
2 277
10 419
19 165
4 068
6 830
12 812
15 350
7 818
14 818
15 882
15 231
12 Jan
Feb
Mar
Apr
May
Jun
Jul
A
A
A
A
A
A
A
-9 316
-11 360
968
-5 772
-10 907
-6 720
-5 446
4 309 1 339
4 830 2 165
14 327 4 488
6 498
188
1 744
-980
13 171 3 692
7 298 -12 028
681
547 1 525
217
514
101 1 825
225
463 1 161 6 796 1 419
727
390 4 381
812
578
210
328 1 608
507
68 6 385 2 519
-1 941
178 -4 780 25 869
13 625
16 190
13 359
12 270
12 651
19 891
12 744
1 396
1 436
1 455
1 608
1 465
2 593
1 153
2 057
1 957
2 096
2 026
2 135
1 997
2 130
7 864
8 784
7 348
6 060
6 420
12 050
7 016
11
17
53
53
249
23
2 308 -9 040
4 002
-155
2 443 -3 624
2 523
3 625
2 578 -10 599
3 002 -13 254
2 422
2 091
9 194
13 868
5 516
17 158
186
3 112
19 165
18 235
14 024
9 140
13 532
10 785
16 366
17 074
4 598 2 915 24 311 7 690 91 775

1 529 2 655 16 460 32 669 100 730
11 347 12 489
11 106 14 398
6 092
5 724
5 617
4 243
4 369
16
STATE. RESOURCES AND USES ACCORDING TO THE NATIONAL ACCOUNTS

(Latest 12 months)
STATE. NET LENDING OR BORROWING AND CASH-BASIS DEFICIT

(Lastest 12 months)
Total resources
VAT
Income and wealth taxes
Total uses
Interest
Current and capital transfers within general government
Net lending or borrowing

Cash-basis deficit
EUR m
EUR m
30000
30000
20000
20000
10000
10000
EUR m
220000
EUR m
220000
200000
200000
180000
180000
-10000
-10000
160000
160000
-20000
-20000
140000
140000
-30000
-30000
120000
120000
-40000
-40000
100000
100000
-50000
-50000
-60000
-60000
80000
80000
-70000
-70000
60000
60000
-80000
-80000
40000
40000
-90000
-90000
20000
20000
-100000
-110000
-100000
2007
2008
2009
2010
2011
2012
-110000
2007
Source: Ministerio de Hacienda y Administraciones Pblicas (IGAE).
BANCO DE ESPAA
34*
2008
2009
2010
2011
2012
6.2. STATE FINANCIAL TRANSACTIONS. SPAIN
EUR millions
Net acquisition
of financial
assets
Net incurrence of liabilities

Of which
Net
lending
(+) or
net
borrowing(-)
Of which
Total
1
Deposits
at the
Banco
de
Espaa
Total
07
08
09
10
11
12 365
-33 125
-99 130
P -51 448
A -31 348
5 657
19 881
17 203
14 014
20 010
65 -6 708
4 337 53 006
-4 197 116 333
-5 65 462
-75 51 358
11 J-J
12 J-J
A -38 649
A -48 553
9 752
-6 561
11 Jul
Aug
Sep
Oct
Nov
Dec
A -10 564
-298
A -2 212 -19 020
A 3 170 11 497
A -2 460 -14 364
A -12 323
2 687
A 21 126 29 458
12 Jan
Feb
Mar
Apr
May
Jun
Jul
3 557
-210 12 873
A -9 316
1 600 19 483 12 961
A -11 360
968 10 626 -1 998
9 658
A
-3 999 -11 384
A -5 772 -17 156
4 816 -13 401 15 723
A -10 907
-9 320
-0 -2 600
A -6 720
-684
0
4 762
A -5 446
By instrument
In currencies
other
than the
peseta/
euro
Short- Goverment Banco

Other
Other
term
bonds
de
marketa- accounts
securiand
Espaa
ble
payable
ties
assumed
loans
liabilidebt
ties
(a)
10
11
13
14
15
1 575
3 343
-3 500
3 524
5
13 875
40 774
71 031
59 165
62 503
5 342
22 233
50 819
9 809
43 784
8 533 -20 582

-8 282
18 541 12 232
49 664
20 212 45 302 119 833
49 357
6 297
61 938
18 719 -11 145
51 353
48 401
41 992
-1 455 1 707
-766 -17 064
18 302
27 543
-537
-542
1 433
11 020
27 497
21 036
50 174
78 755
16 083
62 100
34 092 -1 773
16 655 -36 763
-82 10 266
1 -16 808
1
8 327
0 -11 904
0 15 010
125
8 332
-1 454
336
11 -2 795
-25
707
5 -1 682
11
203
12 2 173
-15 631
5 710
9 217
-7 751
10 119
13 344
12 945
14 172
8 964
-10 926
7 329
6 590
-11 530
-542
-
-202
-125
12
11
-753
-9
11
-48
11
-937
-4 508
-2 067
-5 515
-1 887
-2 908
757
EUR m
130000
110000
100000
100000
90000
90000
80000
80000
70000
70000
60000
60000
50000
50000
40000
40000
30000
30000
20000
20000
10000
10000
-10000
-10000
-20000
-20000
2009
2010
2011
5 25 556 14 052
14 -19 737 -13 615
-38 -1 559
1 449
-15 -2 456 -5 587
388
4 300 12 866
854 -8 039 17 215
660
1
4 668
4 373
1 196
113
10
205
3 296
-1 907
1 227
9 085
-6 394
15 525
23 676
14 055
20 514
2 497
3 180
746
-2 567
-3 786
-3 193
6 877
-6 317
2 144
-8 883
-15 290
2 929
9 886
-9 448
10 710
16 371
-823 -9 981
462 -1 557
977 -11 833
1 176 -15 056
7 714
4 829
-2 110 -1 235
9 259 -1 930
12 668
9 664
11 565
-12 610
6 638
3 795
-10 763
2012
-30000
Net incurrence of liabilities

Held by monetary financial institutions
Held by other resident sectors
Held by the rest of the world
EUR m
140000
EUR m
140000
120000
120000
100000
100000
80000
80000
60000
60000
40000
40000
20000
20000
-20000
-20000
-40000
-40000
-60000
-60000
-80000
2007
2008
Source: BE.
a.Includes other loans, non-negotiable securities, coined money and Caja General de Depsitos (General Deposit Fund).
35*
22 854
14 517
21 491
3 672
10 894
-1 364
6 692
-1 770 15 822
-1 953 -11 662
-209
1 659
-585 -5 002
1 981 10 886
28 467 -11 252
20 904
20 956
STATE. NET INCURRENCE OF LIABILITIES. BY COUNTERPART SECTOR

(Latest 12 months)
110000
BANCO DE ESPAA
12
Other
resident
sectors
-2 495
-40
-510
907
2 637
120000
2008
Monetary
financial
institutions
-519
-520
-535
-544
-537
Net incurrence of liabilities. By instrument

Short-term securities
Goverment bonds and assumed debt
Other Marketable liabilities
2007
Total
Rest
of the
world
-6 475
30 868
86 835
57 958
48 941
120000
-30000
Held by resident sectors
-118 1 206
1 227 19 355
1 524 34 043
-726 3 616
-1 442
312
STATE. NET INCURRENCE OF LIABILITIES. BY INSTRUMENT

(Latest 12 months)
EUR m
130000
By counterpart sector
Net
incurrence of
liabilities
(excluding
other
accounts
payable)
2009
2010
2011
2012
-80000
6.3. STATE: LIABILITIES OUTSTANDING. SPAIN
EUR millions
Liabilities outstanding (excluding other accounts payable)
State of which
debt
according to
the meIn
todolofy
currenof the
cies
exceother
ssive
than the
deficit
peseta/
proceeuro
dure
1
2
By instrument
Short-term
securities
Government
bonds and
assumed
debt
Banco
de
Espaa
loans
Memorandum item:
Other
marketable
liabilities
(a)
Held by resident sectors
Total
General
government
Other
resident
sectors
Rest
of the
world
10
Deposits
at the
Banco de
Espaa
Other
deposits:
Treasury
liquidity
tenders
(b)
Guarantees
given
(contingent liabilities).
Outstanding
level
11
12
13
07
08
09
10
286 531
328 379
433 436
P 483 382
355
63
68
0
31 644
50 788
84 303
85 980
243 246
266 334
338 969
386 915
5 832
5 249
4 665
4 082
5 808
6 008
5 498
6 406
171 839
201 112
263 300
299 410
25 551
34 511
46 105
61 170
146 288
166 601
217 195
238 240
140 243
161 779
216 241
245 142
165
4 502
305
300
15 018
21 403
24 486
28 598
6 162
8 152
58 854
73 560
11 Jul
Aug
Sep
Oct
Nov
Dec
A
A
A
A
A
A
508 706
509 954
517 180
512 796
522 769
536 198
0
0
0
0
0
0
88 799
86 095
87 096
85 927
86 551
88 363
408 570
412 508
418 771
415 570
424 531
435 294
3 499
3 499
3 499
3 499
3 499
3 499
7 838
7 853
7 815
7 800
8 188
9 043
345 975
354 936
360 287
355 899
365 709
392 391
63 203
63 361
64 546
61 553
61 032
62 613
282 772
291 574
295 740
294 345
304 677
329 778
225 934
218 380
221 440
218 450
218 092
206 420
98
99
100
100
100
225
48 068
19 953
31 403
27 091
24 381
30 391
88 994
88 644
88 606
91 381
92 063
98 348
12 Jan
Feb
Mar
Apr
May
Jun
Jul
A
A
A
A
A
A
A
550 513
558 359
565 137
558 280
561 636
564 569
562 510
0
0
0
0
0
0
0
85 793
81 667
77 294
72 226
68 997
65 428
66 893
451 519
463 491
469 974
464 396
469 785
476 174
472 640
3 499
3 499
3 499
2 915
2 915
2 915
2 915
9 702
9 703
14 370
18 743
19 939
20 052
20 062
413 408
421 311
436 518
434 534
441 805
445 086
...
64 736
64 522
66 960
64 609
65 961
65 107
61 014
348 672
356 789
369 558
369 926
375 844
379 980
...
201 841
201 570
195 579
188 354
185 792
184 590
...
15
19 499
17 500
13 501
100
100
100
36 152
35 267
36 709
30 536
40 266
28 801
23 131
100 274
98 287
131 683
126 683
133 538
136 900
133 402
STATE. LIABILITIES OUTSTANDING

STATE. LIABILITIES OUTSTANDING

By instrument
State debt
Goverment bonds
Banco de Espaa loans
Other Marketable liabilities
EUR m
600000
State debt
Other resident sectors
Rest of the world
EUR m
600000
EUR m
600000
EUR m
600000
540000
540000
540000
540000
480000
480000
480000
480000
420000
420000
420000
420000
360000
360000
360000
360000
300000
300000
300000
300000
240000
240000
240000
240000
180000
180000
180000
180000
120000
120000
120000
120000
60000
60000
2007
2008
2009
2010
2011
2012
60000
60000
2007
2008
2009
2010
2011
2012
Source: BE.
a. Includes other loans, non-negotiable securities, coined money and Caja General de Depsitos (General Deposit Fund).
b. Including the daily liquidity tenders of the Treasury recorded in its accounts at the Banco de Espaa and the repurchase agreements carried out by the Treasury
with a one-month maturity.
BANCO DE ESPAA
36*
7.1. SPANISH BALANCE OF PAYMENTS VIS--VIS OTHER EURO AREA RESIDENTS AND THE REST OF THE WORLD.
CURRENT ACCOUNT
EUR millions
Current account (a)
Goods
Services
Total
Balance Receipts Payments Balance
(balance)
Income
Receipts
Payments
Of which
Total
2=3-4
5=6-8
Current Financial
account account Errors
plus
and
capital (balance) omisaccount
(b)
sion
Of which
Total
Travel
1=2+5+
10+13
Balance Receipts
Capital
Current account
transPay- fers
ments (bal(balance) ance)
Travel
8
10=
11-12
11
12
13
14
15=1+14 16
17=(15+16)
09
10
11
-50 539 -41 611 164 083 205 693 25 032 88 754 38 125 63 722 12 086 -25 931 45 338 71 269 -8 030 4 224 -46 315 51 982 -5 667
P -47 427 -47 779 193 666 241 445 27 514 93 870 39 621 66 356 12 663 -19 849 46 051 65 901 -7 313 6 289 -41 138 43 174 -2 036
P -37 497 -39 727 222 641 262 367 34 240102 220 43 026 67 980 12 422 -26 106 42 355 68 461 -5 904 5 488 -32 009 35 760 -3 751
11 J-J
12 J-J
P -24 571 -20 943 110 727 131 670 13 749 46 462 18 241 32 713 5 296 -11 819 20 533 32 351 -5 560 2 906 -21 665 17 290 4 376
P -17 134 -15 579 114 878 130 457 16 378 49 076 18 270 32 698 5 206 -12 055 17 972 30 028 -5 878 2 414 -14 720 16 973 -2 252
11 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
P
P
P
P
P
P
P
P
P
P
-5 388
-2 975
-3 418
-1 322
-880
-1 119
-3 726
-1 363
-1 926
-3 911
-4 020
-3 410
-2 987
-3 406
-1 105
-4 400
-4 550
-3 023
-1 791
-3 915
20 537
17 990
18 961
19 051
19 332
16 044
18 721
19 860
20 531
17 425
24 557
21 400
21 948
22 457
20 437
20 445
23 271
22 883
22 323
21 340
1 593
2 326
3 229
3 986
4 376
5 064
3 658
3 646
2 054
1 693
7 464
7 364
8 384
9 776
10 577
10 471
9 589
9 474
7 667
7 979
2 733
2 850
3 526
4 298
5 481
5 734
4 653
4 154
2 606
2 156
5 872
5 038
5 155
5 790
6 201
5 407
5 931
5 829
5 613
6 286
872
838
651
1 119
1 272
1 368
1 237
1 172
1 103
974
-2 290
-1 358
-3 130
-1 462
-3 501
-1 661
-2 325
-1 465
-2 568
-2 768
2 602
3 044
4 648
4 561
3 920
2 409
3 369
3 521
3 223
5 379
4 892 -671
4 403 -532
7 778 -530
6 022 -441
7 421 -650
4 070 -121
5 694 -509
4 986 -521
5 791 379
8 147 1 078
132
284
619
440
351
935
-19
280
869
165
-5 256
-2 692
-2 800
-882
-528
-184
-3 745
-1 083
-1 058
-3 746
2 901
683
5 918
841
6 236
-334
2 356
3 448
5 234
1 530
2 354
2 009
-3 119
41
-5 708
518
1 389
-2 366
-4 177
2 216
12 Jan
Feb
Mar
Apr
May
Jun
P
P
P
P
P
P
-5 574
-5 860
-3 010
-1 679
-755
-257
-3 253
-3 107
-2 606
-2 894
-1 497
-2 222
17 173
18 751
21 205
17 769
20 000
19 981
20 426
21 858
23 811
20 663
21 497
22 203
1 847
1 680
2 192
2 828
3 454
4 377
7 200
7 093
7 751
8 002
8 843
10 187
2 677
2 243
2 687
2 733
3 550
4 380
5 353 832
5 413 881
5 559 832
5 174 844
5 389 685
5 810 1 133
-3 033
-1 855
-1 816
-1 305
-1 871
-2 174
2 845
2 437
3 009
2 867
3 605
3 210
5 878 -1 135
4 292 -2 578
4 826 -780
4 172 -307
5 476 -841
5 384 -238
84
116
486
314
702
712
-5 490
-5 744
-2 524
-1 364
-53
455
2 994
6 666
608
2 403
756
3 546
2 497
-922
1 916
-1 039
-704
-4 001
SUMMARY
CURRENT ACCOUNT
EUR m
20000
JANUARY 2011 - JUNE 2011

EUR m
10000
20000
10000
10000

EUR m
20000
EUR m
20000
10000
-10000
-10000
-10000
-10000
-20000
-20000
-20000
-20000
-30000
-30000
-30000
CURRENT ACC.
FINANCIAL ACC.
CAPITAL ACC.
ERR. & OMISS.
GOODS
SERVICES
INCOME
TRANSFERS
Sources: BE. Data compiled in accordance with the IMF Balance of Payments Manual (5th edition).
a. A positive sign for the current and capital account balances indicates a surplus (receipts greater than payments) and, thus, a Spanish net loan abroad (increase in the
creditor position or decrease in the debtor position).
b. A positive sign for the financial account balance (the net change in liabilities exceeds the net change in financial assets) means a net credit inflow, i.e. a net foreign
loan to Spain (increase in the debtor position or decrease in the creditor position).
BANCO DE ESPAA
37*
-30000
7.2. SPANISH BALANCE OF PAYMENTS VIS--VIS OTHER EURO AREA RESIDENTS AND THE REST OF THE WORLD.
FINANCIAL ACCOUNT (a)
EUR millions
Total, excluding Banco de Espaa
Financial
account
Direct investment
Portfolio investment
Total
(NCLNCA)
1=
2+13
(NCLNCA)
2=3+6+
9+12
Spanish Foreign
Balance investinvest- Balance
(NCLment
ment in
(NCLNCA) abroad
Spain
NCA)
(NCA) (NCL)
(b)
3=5-4
4
5
6=8-7
Banco de Espaa
Other investment (d)
Net
finan- Balance
Spanish Foreign
Spanish Foreign
cial
investinvest- Balance investinvest- derivament
ment in (NCLment
ment in
tives
(NCLabroad
Spain
NCA)
abroad
Spain (NCLNCA)
(NCA) (NCL)
(NCA) (NCL)
NCA)
(c)
13=14+
7
8
9=11-10 10
11
12
15+16
09
10
11
P
P
51 982 41 517
43 174 27 478
35 760 -73 393
11 J-J
12 J-J
P
P
17 290 22 457 -11 032 13 600 2 569

2 948 -16 940 -13 992 29 841 23 793 53 634
16 973-219 817 5 798 5 627 11 425 -77 493 -6 864 -84 358-154 292 75 681 -78 611
11 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
P
P
P
P
P
P
P
P
P
P
2 901
683
5 918
841
6 236
-334
2 356
3 448
5 234
1 530
5 384
3 269
-9 557
7 859
-4 768
-18 087
-7 908
-15 397
-17 235
-32 454
-3 110 5 047 1 937

-3 575
-3 758 6 179 2 420
-5 278
-2 011 1 478
-534
-8 773
-1 741 -5 212 -6 953
-5 819
763 2 150 2 913
-3 099
-1 117 -1 099 -2 216
-8 352
2 516 1 439 3 955
-3 152
1 532 3 728 5 260
-5 634
1 082 1 992 3 073
6 673
659 4 990 5 649 -12 460
12 Jan
Feb
Mar
Apr
May
Jun
P
P
P
P
P
P
2 994
6 666
608
2 403
756
3 546
-6 540
-22 640
-66 125
-26 587
-41 294
-56 631
2 665
2 305
2 212
767
-1 239
-911
Net
claims
with
the
Eurosystem
(e)
(e)
14
Other
net
assets
(NCLNCA)
15
16
-1 917 9 409 7 491 44 824 3 491 48 315 4 665 4 009 8 674 -6 054 10 464 -1 563 6 146
1 827 28 949 30 776 27 671 -63 711 -36 040 -10 610 17 439 6 829 8 589 15 696
-814 9 788
-5 596 26 800 21 204 -23 076 -42 904 -65 979 -44 880 35 500 -9 380
159 109 153 -10 010 124 056
-896
-142
127
2 161
1 860
2 517
700
-5 168
-628 -5 562
6 170 236 790 -4 109 233 441
1 573 -2 003 10 891

-430 10 461 1 178
737 -4 540 14 179
663 14 842 -1 874
-4 018 -12 791 1 066 15 632 16 698
161
-5 247 -11 066 15 755 -2 586 13 169
-336
-4 804 -7 903 -2 216 -4 041 -6 258
-216
-1 554 -9 907 -7 454 4 919 -2 535 -1 165
-1 900 -5 052 -7 682
-878 -8 560
410
-3 667 -9 301 -11 363 5 128 -6 235
68
-8 479 -1 806 -26 348 7 802 -18 546 1 358
-5 559 -18 019 -19 657 -1 222 -20 880
-996
1 769
-6 522
-49
2 162
-5 431 2 157
2 339 -24 194
689
2 928 -20 201 -4 392
621
-9 197 -3 002
1 605 -11 949 -2 268
FINANCIAL ACCOUNT
(NCL-NCA)
-6 570
-3 274
-23 505
-24 593
-12 199
-14 217
-2 605
-827 -3 432
-22 098 8 112 -13 985
-45 128 24 317 -20 811
-7 171 4 623 -2 547
-31 924 18 560 -13 363
-45 366 20 895 -24 471
-78
2 584
984
18
1 066
1 595
-2 483
-218 -2 938
-2 586
-50 -2 495
15 476
-59 15 530
-7 018
-27 -7 702
11 004 -1 462 11 311
17 753
-43 21 553
10 264
-92 10 396
18 845
-948 19 867
22 469 -3 694 28 690
33 984 -3 142 37 801
9 533
-71
29 305
-111
66 734
-30
28 990
-152
42 051
-243
60 177 -3 502
8 808
27 639
64 608
26 807
42 265
63 314
5 882
6 722
-4 893
1 022
7 457
673
-41
5
711
1 156
-3 756
-40
-73
-2 527
-675
797
1 777
2 156
2 334
29
364
FINANCIAL ACCOUNT, EXCLUDING BANCO DE ESPAA. Breakdown.

(NCL-NCA)
EUR m
300000
Reserves
EUR m
300000
EUR m
300000

EUR m
300000
200000
200000
200000
200000
100000
100000
100000
100000
-100000
-100000
-100000
-100000
-200000
-200000
-200000
-200000
-300000
-300000
-300000
TOTAL
BANCO DE ESPAA
TOTAL EXCL. B.E.
-300000
DIRECT INV.
PORT.INV.
OTHER INV.
FIN.DERIVATIVES
Sources: BE. Data compiled in accordance with the IMF Balance of Payments Manual (5th edition).
a. Changes in assets (NCA) and changes in liabilities (NCL) are both net of repayments. A positive (negative) sign in NCA columns indicates an outflow (inflow) of foreign
financing. A positive (negative) sign in NCL columns implies an inflow (outflow) of foreign financing.
b. This does not include direct investment in quoted shares, but does include portfolio investment in unquoted shares.
c. This includes direct investment in quoted shares, but does not include portfolio investment in unquoted shares. d. Mainly, loans, deposits and repos.
e. A positive (negative) sign indicates a decrease (increase) in the reserves and/or claims of the BE with the Eurosystem.
BANCO DE ESPAA
38*
7.3. SPANISH FOREIGN TRADE WITH OTHER EURO AREA COUNTRIES AND WITH THE REST OF THE WORLD
EXPORTS AND DISPATCHES
Eur millions and annual percentage changes
Total
By product (deflated data) (a)
By geographical area (nominal data)
Intermediate
EUR
millions
Nominal
Deflated
(a)
Consumer
EU 27
OECD
OPEC
Other
American
countries
13
14
Capital
Total
Energy
Nonenergy
of which:
Euro
Area
Total
Total
Newly
industrialised
countries
China
United
States
1
04
05
06
07
08
09
10
146 925
6.4
155 005
5.5
170 439 10.0
185 023
8.6
189 228
2.3
159 890 -15.5
186 780 16.8
5.3
0.8
5.2
5.8
0.7
-9.4
15.0
2.2
-0.8
2.9
3.0
2.4
-3.4
-3.4
13.1
5.5
12.7
4.4
-5.6
-14.1
22.4
6.6
1.4
5.6
8.1
0.6
-12.8
28.6
10.2
-8.7
-3.7
6.6
19.0
-19.9
15.4
10
6.3
5.0
2.2
2.6
6.2
8.1
8.1
8.0
-0.6 -0.1
-12.2 -15.5
29.6 14.3
11
12
15
16
5.0
2.3
7.8
8.4
-0.5
-13.2
13.6
5.8
4.3
8.4
7.1
-0.4
-15.1
15.2
2.0
10.2
17.7
-1.1
1.4
-24.4
15.5
12.5
9.1
6.0
22.3
30.1
-11.4
9.6
3.3
11.8
34.5
-12.5
1.0
-17.9
35.7
5.6
31.4
12.8
23.5
1.2
-7.7
34.1
4.7
14.5
16.5
-0.8
4.2
8.5
27.0
11 May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
P
P
P
P
P
P
P
P
18 328
17 954
18 635
15 444
17 780
19 394
19 866
17 004
13.0
10.8
13.8
20.0
11.8
11.5
13.4
6.6
12.3
6.3
8.8
17.4
7.8
5.1
8.7
2.1
10.0
8.2
1.6
17.0
4.1
0.9
0.2
-11.4
-13.2
9.1
34.5
15.0
22.8
-9.2
15.4
10.0
19.4
4.9
9.4
18.0
7.9
9.9
13.2
10.1
17.4
29.4
15.8
-1.4
18.4
124.6
102.0
-0.8
19.5
3.7
8.9
19.8
7.2
2.6
7.3
10.8
10.8
7.9
14.3
19.3
4.8
12.1
14.3
-0.7
7.0
5.1
8.1
16.3
1.0
10.0
14.5
-4.6
13.4
8.6
10.0
20.2
7.3
11.1
12.7
1.0
19.0
35.3
-10.1
16.4
20.6
-7.6
-1.8
14.6
25.7
5.0
21.3
25.6
27.0
9.3
14.1
75.4
25.4
13.9
8.0
21.3
14.2
7.3
3.8
13.6
44.0
38.6
6.5
25.1
22.4
38.1
27.0
15.8
10.3
12.1
5.6
34.6
17.0
16.3
14.8
10.3
12 Jan
Feb
Mar
Apr
May
Jun
P
P
P
P
P
P
16 579
17 978
19 889
17 198
19 462
18 869
3.9
4.9
1.2
-0.8
6.2
5.1
1.9
-0.2
-2.3
-0.5
4.0
4.5
-5.2
0.1
-10.7
-5.9
-3.8
-3.2
-4.5
-26.4
-15.1
-9.0
1.6
3.1
7.2
4.4
5.5
4.0
8.6
9.4
29.8
41.6
49.5
-3.4
7.5
12.6
5.9
2.2
3.2
4.5
8.7
9.2
0.8
1.9
-0.2
-4.6
2.1
-1.1
-1.3
-1.3
-0.6
-2.8
0.3
-3.6
-0.5
3.2
-1.4
-3.1
1.8
-0.4
6.4
-3.7
-3.9
-8.1
4.5
11.5
42.5
16.3
24.4
7.6
57.1
45.0
16.2
-18.8
7.4
25.9
29.3
41.1
14.6
-1.0
17.9
22.5
5.6
5.3
37.3
36.6
56.6
29.7
33.8
12.5
BY PRODUCT
Annual percentage changes (trend obtained with TRAMO-SEATS method)
16
TOTAL
CONSUMER
CAPITAL
INTERMEDIATE
16
14
14
12
12
10
10
-2
-2
-4
-4
-6
2000
2002
2004
2006
2008
2010
2012
BY GEOGRAPHICAL AREA
-6
40
39*
40
30
30
20
20
10
10
-10
-10
-20
-20
-30
2000
Sources: ME y BE.
Note: The underlying series for this indicator are in Tables 18.4 and 18.5 of the Boletn estadstico.
The monthly series are provisional data, while the annual series are the final foreign trade data.
a. Series deflated by unit value indices.
BANCO DE ESPAA
OECD
EURO AREA
UNITED STATES
NEWLY INDUSTR. COUNTRIES
2002
2004
2006
2008
2010
2012
-30
7.4. SPANISH FOREIGN TRADE WITH OTHER EURO AREA COUNTRIES AND WITH THE REST OF THE WORLD
IMPORTS AND ARRIVALS
Eur millions and annual percentage changes
Total
By product (deflated data) (a)
By geographical area (nominal data)
Intermediate
EUR
millions
Nominal
Deflated
(a)
Consumer
EU 27
OECD
OPEC
Other
American
countries
13
14
Capital
Total
Energy
Nonenergy
of which:
Euro
Area
Total
Total
Newly
industrialised
countries
China
United
States
1
04
05
06
07
08
09
10
208 411 12.6

232 954 11.8
262 687 12.8
285 038
8.5
283 388 -0.6
206 116 -27.3
240 056 16.5
9.9
6.4
8.5
7.6
-4.5
-17.5
11.3
13.5
8.4
7.3
5.8
-6.4
-12.1
-4.1
14.4
17.6
2.5
10.8
-14.3
-31.4
9.0
7.3
3.3
10.2
7.8
-1.9
-17.5
19.0
10.6
11.1
6.1
4.0
5.8
-9.9
3.3
11 May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
P
P
P
P
P
P
P
P
21 738
21 878
20 277
20 366
22 633
23 026
22 540
21 552
6.7
4.6
-1.9
17.5
11.8
9.2
5.3
1.1
2.6
-2.5
-10.3
11.5
4.4
0.5
-4.9
-5.0
-10.4
-7.7
-10.1
12.1
2.9
24.6
-10.0
-13.4
2.5
-5.8
-14.7
8.4
3.1
-8.7
-4.2
-9.0
7.8
-0.3
-10.0
11.8
5.1
-7.0
-3.1
-1.4
-3.5
2.5
-12.3
6.2
18.6
-10.0
1.5
-1.5
12 Jan
Feb
Mar
Apr
May
Jun
P
P
P
P
P
P
20 234
21 737
23 134
20 554
21 388
21 569
-3.1
6.6
-4.6
-3.5
-1.6
-1.4
-8.2
-1.1
-12.0
-7.2
-8.0
-5.8
-2.2
-3.8
-10.9
-12.9
-9.8
-11.2
-11.3
-6.4
-15.7
-10.5
-18.6
-5.6
-9.7
0.1
-12.1
-5.2
-6.5
-4.2
-14.9
12.4
6.1
3.3
1.6
0.9
BY PRODUCTS
Annual percentage changes (trend obtained with TRAMO SEATS method)
20
TOTAL
CONSUMER
CAPITAL
INTERMEDIATE
10
10
11
12
15
16
11.4
6.2
8.8
9.7
-7.3
-24.6
10.5
9.3
-0.1
14.7
16.4
12.9
-25.1
14.2
17.9
40.8
25.3
-6.3
37.4
-38.6
36.0
7.9
29.3
24.1
-6.8
16.6
-31.1
44.8
26.8
37.3
22.7
28.7
10.8
-29.5
30.8
14.6
11.2
28.6
-3.7
-16.1
-31.6
7.1
2.0
-4.0
-6.7
15.3
5.0
17.4
3.1
0.5
5.6
-4.3
-6.2
15.2
3.5
19.5
3.3
1.5
3.1
-2.6
-5.8
15.3
7.7
11.6
3.8
4.6
-3.0
11.9
1.1
28.7
14.8
-3.7
25.4
-13.4
16.4
-1.0
9.8
13.5
44.0
-4.2
31.9
3.2
3.4
20.7
26.1
18.9
15.6
41.0
4.2
29.3
5.7
2.1
-16.4
8.8
-9.2
-3.6
-7.2
-13.8
7.0
-8.4
-3.8
23.8
-16.6
-9.2
-17.2
-4.3
-8.0 -4.9
-3.2
1.5
-16.4 -13.4
-7.5 -9.4
-8.4 -5.9
-5.6 -1.7
-4.4
-0.7
-13.9
-10.5
-7.3
-0.4
-5.9
5.0
-12.5
-5.8
-1.6
-1.4
-18.9
3.4
-11.5
-1.2
15.8
-6.4
21.3
15.3
23.5
12.8
-0.7
39.2
30.4
66.6
68.0
-20.0
32.9
19.7
-0.2
0.5
-17.6
-0.7
-6.8
-6.7
-3.5
-22.2
-29.2
-5.6
-3.2
-14.7
10.9
-1.1
-9.3
13.7
1.6
-6.2
-4.4
-1.4
BY GEOGRAPHICAL AREA
20
20
OECD
EURO AREA
UNITED STATES
NEWLY INDUSTR. COUNTRIES
20
10
10
-10
-10
-10
-20
-20
-10
2000
2002
2004
2006
2008
2010
2012
-20
-30
2000
Sources: ME y BE.
Note: The underlying series for this indicator are in Tables 18.2 and 18.3 of the Boletn estadstico.
a. Series deflated by unit value indices .
BANCO DE ESPAA
40*
10.0
5.3
8.0
11.0
-8.8
-25.6
7.5
10
-20
6.4
9.9
1.1
5.6
11.5
8.4
8.9 10.5
-3.9 -8.2
-20.0 -23.8
24.5
9.8
2002
2004
2006
2008
2010
2012
-30
7.5. SPANISH FOREIGN TRADE WITH OTHER EURO AREA COUNTRIES AND WITH THE REST OF THE WORLD.
TRADE BALANCE. GEOGRAPHICAL DISTRIBUTION
EUR millions
European Union (EU 27)
OECD
Euro area
World
total
Other EU 27
OPEC
Of which:
Of which:
Total
05
06
07
08
09
10
11
11 May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
12 Jan
Feb
Mar
Apr
May
Jun
2=3+7
France
Italy
United
States
United
Kingdom
8
9
Other
American
countries
China
Newly
industrialised
countries
Total
Total
Germany
Of which:
Total
10
Japan
11
12
13
15
-77 950
-92 249
-100 015
-94 160
-46 227
-53 276
-46 338
-30 703
-33 547
-40 176
-26 262
-9 068
-4 960
4 060
-29 422
-32 172
-38 176
-26 264
-6 762
-2 248
1 661
-16 749
-18 689
-23 752
-19 612
-9 980
-8 598
-8 917
-3 112
-1 625
-214
3 019
6 787
7 904
10 180
-6 938
-7 184
-8 375
-6 608
-1 847
-477
-90
-1 281
-1 375
-2 000
1
-2 306
-2 712
2 399
-210 -41 860

294 -45 995
133 -54 211
356 -39 729
187 -15 709
597 -11 261
3 189
-453
-1 092
-1 062
-2 555
-3 739
-2 742
-3 058
-2 675
P
P
P
P
P
P
P
P
-3 410
-3 925
-1 642
-4 922
-4 853
-3 632
-2 674
-4 549
338
597
2 013
-264
-163
-131
1 653
-636
174
492
1 159
-461
-166
-440
1 589
-747
-754
-699
-528
-859
-840
-1 171
-559
-552
759
1 003
989
463
738
1 495
1 570
322
69
40
181
-53
-3
-58
70
-195
164
105
854
198
3
309
64
111
290
231
207
383
532 1 500
326
-374
178
-483
190
-461
149
936
328 -1 527
-100
-116
-237
-197
-266
-290
-492
-141
-66
-114
-103
-109
-86
-52
-122
-85
-1 410
-1 542
-1 695
-1 583
-1 808
-1 338
-1 678
-1 499
-336
-391
-371
-394
-480
-546
-546
-706
-1 250
-1 277
-1 235
-1 599
-1 467
-1 278
-1 172
-1 081
-116
-78
-52
-74
-21
-27
-50
-87
P
P
P
P
P
P
-3 655
-3 759
-3 245
-3 356
-1 926
-2 700
900
468
1 451
777
1 289
655
586
302
996
544
907
186
-340
-403
-423
-324
-336
-276
706
702
1 003
830
1 043
687
-15
-26
94
39
64
50
315
165
455
233
382
469
276
327
330
257
157
332
-85
-229
-151
-190
-190
33
-134
-67
-105
-75
-116
-37
-2 209
-1 860
-1 836
-1 651
-1 028
-2 106
-589
-555
-1 139
-401
-470
-325
-1 398
-1 218
-875
-1 008
-1 129
-1 155
-61
25
53
-43
-38
-8
CUMULATIVE TRADE DEFICIT
-3 089 -10 182

-3 316 -12 647
-3 477 -16 366
-4 971 -18 340
-2 641 -12 471
-4 267 -16 253
-5 340 -15 252
-3 411
-4 564
-4 347
-3 296
-1 532
-1 252
-1 068
CUMULATIVE TRADE DEFICIT

EUR m
26000
620
-39
1 277
142
712
521
-4 769 -12 938

-4 652 -17 031
-4 779 -14 682
-3 663 -20 561
-1 958 -10 701
-2 054 -16 216
-1 338 -18 991
14
EUR m
26000
EUR m

26000
EUR m
26000
24000
24000
24000
24000
22000
22000
22000
22000
20000
20000
20000
20000
18000
18000
18000
18000
16000
16000
16000
16000
14000
14000
14000
14000
12000
12000
12000
12000
10000
10000
10000
10000
8000
8000
8000
8000
6000
6000
6000
6000
4000
4000
4000
4000
2000
2000
2000
2000
-2000
-2000
-2000
-2000
-4000
-4000
-4000
-4000
-6000
-6000
-6000
TOTAL
OECD
EU 25
USA
JAPAN
GERMANY
Source: ME.
Note: The underlying series for this indicator are in Tables 18.3 and 18.5 of the Boletn Estadstico.
BANCO DE ESPAA
41*
FRANCE
ITALY
U.KINGDOM
-6000
7.6. SPANISH INTERNATIONAL INVESTMENT POSITION VIS--VIS OTHER EURO AREA RESIDENTS AND THE REST OF THE WORLD
SUMMARY
End-of-period stocks in EUR billions
Total excluding Banco de Espaa

Banco de Espaa
Net
international
Net
Direct investment
Portfolio investment
Other investment
Financial
Net
investposition
derivat- Banco de
assets
Other
ment
excluding
ives
Espaa
vis--vis
net
position Banco de
Net
Spanish Foreign
Net
Spanish Foreign
Net
Spanish Foreign
Net
Net
Reserves the
assets
(assets- Espaa position investinvest- position investinvest- position investinvest- position
position
Euro- (assetsliabil.)
(assets - (assets- ment ment in (assets- ment ment in (assets- ment ment in (assets(assetssystem
liabil.)
liabil.)
liabil.) abroad
Spain
liabil.) abroad
Spain
liabil.) abroad Spain
liabil.)
liabil.)
(assets) (liabil.)
(assets) (liabil.)
(assets) (liabil.)
(a)
2=3+6+
13=
1=2+13 9+12
3=4-5
4
5
6=7-8
7
8
9=10-11 10
11
12
14 to 16 14
15
16
04
05
06
07
08
-504.5
-577.2
-743.9
-901.7
-914.0
-91.9
-67.1
-19.3
-2.6
1.3
207.2
258.9
331.1
395.4
424.4
299.1
326.0
350.4
398.0
423.2
-203.2
-273.6
-508.9
-648.5
-603.7
359.3 562.5
454.7 728.4
455.7 964.6
438.4 1 086.9
354.2 958.0
-209.4
-236.5
-206.1
-231.8
-305.1
222.2
268.2
324.9
379.5
386.6
431.6
504.7
530.9
611.3
691.8
...
...
-9.6
-18.8
-6.4
68.1
71.7
95.7
78.9
50.9
14.5
14.6
14.7
12.9
14.5
31.9
17.1
29.4
1.1
-30.6
21.7
40.1
51.6
64.9
67.0
-883.2 -935.4
-939.2 -984.6
-973.2 -1 010.1
-982.2 -1 026.3
3.3
-16.5
-14.7
-4.5
415.8
425.4
430.7
434.4
412.5
441.9
445.4
438.9
-601.9
-619.5
-663.2
-693.7
337.0 938.8
357.9 977.4
371.4 1 034.6
374.3 1 068.1
-336.9
-341.4
-327.3
-327.1
374.6
370.4
364.4
369.6
711.6
711.8
691.7
696.8
0.0
-7.3
-4.9
-1.0
52.3
45.4
36.9
44.1
15.7
15.1
18.3
19.6
-27.4
-30.5
-42.6
-36.4
64.0
60.7
61.2
60.9
-976.0 -1 018.4
-927.1 -903.7
-986.0 -1 006.2
-942.1 -972.4
-10.4
5.6
5.8
7.9
440.3
460.0
468.0
487.4
450.7
454.4
462.2
479.6
-667.9
-604.0
-661.9
-637.0
380.6 1 048.4 -345.8

352.9 956.9 -317.3
334.3 996.1 -354.4
312.2 949.2 -346.0
362.1
370.8
354.1
372.6
707.9
688.1
708.5
718.5
5.7
12.0
4.3
2.7
42.4
-23.4
20.2
30.3
20.9 -38.5
24.4 -100.8
22.6 -54.3
23.9 -46.1
60.0
53.1
51.9
52.5
-978.7 -1 018.2
-990.0 -1 022.1
-987.6 -982.4
-983.1 -902.2
-2.2
6.0
-1.6
4.5
485.4
487.1
477.6
494.9
487.6
481.0
479.2
490.4
-672.4
-648.2
-620.8
-600.2
302.2
293.8
274.0
257.3
974.6
942.0
894.8
857.6
-342.0
-379.6
-367.7
-312.3
378.8
382.1
387.5
399.0
720.8
761.7
755.1
711.4
-1.5
-0.3
7.6
5.9
39.5
32.2
-5.2
-81.0
23.2 -35.2
23.5 -40.6
27.6 -83.8
36.4 -170.2
51.5
49.3
51.1
52.8
5.3
494.2
488.9 -545.2
268.7
813.9 -255.9
417.3
673.3
2.9
-184.8
36.0 -271.2
50.5
-436.4
-505.5
-648.2
-822.8
-863.1
09 Q1
Q2
Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
-977.6
-792.8
COMPONENTS OF THE POSITION
INTERNATIONAL INVESTMENT POSITION
TOTAL NET POSITION

TOTAL EXCLUDING BANCO DE ESPAA
BANCO DE ESPAA
EUR m
200000
EUR m
200000
100000
100000
DIRECT INVEST. NET POSITION

PORTFOLIO INVEST.EXC.BE. NET POSITION
OTHER INV. EXCLUDING BE. NET POSITION
EUR m
100000
EUR m
100000
0
0
-100000
-100000
-200000
-200000
-300000
-300000
-400000
-400000
-500000
-500000
-600000
-600000
-700000
-700000
-800000
-800000
-900000
-900000
-1000000
-1100000
-100000
-100000
-200000
-200000
-300000
-300000
-400000
-400000
-500000
-500000
-600000
-600000
-1000000
2007
2008
2009
2010
2011
2012
-1100000
-700000
2007
2008
2009
2010
2011
2012
-700000
Source: BE.
Note: As from December 2002, portfolio investment data have been calculated using a new information system (see Banco de Espaa Circular 2/2001 and note on changes
introduced in the economic indicators). The incorporation of the new data under the heading shares and mutual funds of other resident sectors entails a very significant
break in the time series, both in the financial assets and the liabilities, so that the series have been revised back to 1992. This methodological change introduced by the
new system also affects the rest of the headings, to some extent, but the effect does not justify a complete revision of the series.
a. See note b to table 17.21 of the Boletn Estadstico.
BANCO DE ESPAA
42*
7.7. SPANISH INTERNATIONAL INVESTMENT POSITION VIS--VIS OTHER EURO AREA RESIDENTES AND THE REST OF THE WORLD
BREAKDOWN BY INVESTMENT
End-of-period stocks in EUR millions

Direct investment
Spanish investment
abroad
Portfolio investment, including Banco de Espaa
Foreign investment
in Spain
Spanish investment
abroad
Shares and Intercompany Shares and Intercompany Shares and

other
debt
other
debt
mutual funds
equities
transactions
equities
transactions
1
04
05
06
07
08
Debt
securities
Other investment,
including Banco de Espaa
Financial derivatives
including BE
Foreign investment
in Spain
Shares and
mutual funds
Debt
securities
Spanish
investment
abroad
Foreign
investment
in Spain
Spanish
Foreign
investment investment
abroad
in Spain
(a)
6
10
11
12
189 622
236 769
307 902
368 306
393 430
17 627
22 133
23 206
27 086
31 011
231 649
250 641
271 313
307 278
320 664
67 501
75 322
79 125
90 696
102 489
78 053
104 157
133 193
132 955
63 146
302 067
388 472
373 001
369 758
357 229
183 211
197 347
245 683
282 331
170 143
379 279
531 035
718 897
804 609
787 812
254 992
287 551
355 621
384 714
391 414
431 651
504 831
531 211
614 829
726 987
32 973
44 642
108 278
42 569
63 487
114 027
383 808
389 679
397 659
404 194
32 027
35 700
33 053
30 207
309 053
321 139
327 809
327 215
103 443
120 735
117 569
111 662
52 268
59 963
71 192
78 591
348 226
358 187
360 879
356 340
142 042
177 536
218 231
222 620
796 767
799 835
816 410
845 431
380 059
375 889
369 856
375 092
744 043
747 409
739 197
738 182
111 670
92 879
85 194
77 449
111 538
100 032
90 098
78 498
410 023
427 686
431 563
449 531
30 231
32 290
36 435
37 913
331 947
335 622
341 714
356 110
118 742
118 766
120 500
123 464
89 281
87 320
88 694
92 373
351 097
318 420
297 029
271 994
198 588
169 657
194 290
181 491
849 822
787 204
801 837
767 728
367 564
376 232
359 522
378 153
751 592
793 952
767 959
769 870
93 867
118 304
121 434
95 116
88 286
106 522
117 049
92 459
Q2
Q3
Q4
447 913
448 933
434 244
447 728
37 470
38 121
43 306
47 142
366 423
364 644
365 517
373 509
121 162
116 367
113 639
116 893
92 824
91 874
78 262
77 820
260 696
250 742
246 455
231 911
204 976
194 526
159 326
164 215
769 639
747 507
735 458
693 375
384 398
387 678
393 052
404 774
761 515
807 467
844 144
886 726
80 724
83 747
134 796
140 225
82 170
84 040
127 191
134 415
12 Q1
447 521
46 711
373 125
115 765
83 273
235 304
160 017
653 873
423 068
949 747
133 237
130 209
09 Q1
Q2
Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
SPANISH INVESTMENT ABROAD
FOREIGN INVESTMENT IN SPAIN
DIRECT INVESTMENT
PORTFOLIO INVESTMENT, INC. BE
OTHER INVESTMENT, INCLUDING BE
EUR m
EUR m
540000
540000
520000
520000
500000
500000
480000
480000
460000
460000
440000
440000
420000
420000
400000
400000
380000
380000
360000
360000
340000
340000
320000
320000
300000
300000
EUR m
1100000
DIRECT INVESTMENT
PORTFOLIO INVESTMENT, INC. BE
OTHER INVESTMENT, INCLUDING BE
EUR m
1100000
1000000
280000
2007
2008
2009
2010
2011
2012
280000
1000000
900000
900000
800000
800000
700000
700000
600000
600000
500000
500000
400000
400000
300000
300000
200000
2007
Source: BE.
Note: See footnote to Indicator 7.6
BANCO DE ESPAA
43*
2008
2009
2010
2011
2012
200000
7.8. SPANISH RESERVE ASSETS
End-of-period stocks in EUR millions

Reserve assets
Total
Reserve
position in
the IMF
Foreign
exchange
Memorandum item:
gold
Monetary
gold
SDRs
Financial
derivatives
Millions of
troy ounces
06
07
08
09
10
14 685
12 946
14 546
19 578
23 905
7 533
7 285
8 292
8 876
9 958
303
218
467
541
995
254
252
160
3 222
3 396
6 467
5 145
5 627
6 938
9 555
127
46
-
13.4
9.1
9.1
9.1
9.1
11 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
23 159
22 965
23 734
23 471
25 955
27 004
27 566
28 197
33 157
36 402
9 439
9 102
9 452
9 420
10 908
10 878
11 619
12 124
16 393
19 972
1 643
1 606
1 676
1 667
1 809
1 796
1 953
1 913
1 952
2 251
2 957
2 891
2 943
2 938
2 979
2 958
3 072
3 010
3 072
3 163
9 119
9 365
9 664
9 447
10 259
11 373
10 922
11 150
11 740
11 017
9.1
9.1
9.1
9.1
9.1
9.1
9.1
9.1
9.1
9.1
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
37 017
36 582
35 977
36 540
38 440
41 430
40 879
40 184
19 620
19 242
19 312
19 708
21 308
24 409
23 071
22 459
2 233
2 305
2 312
2 402
2 492
2 508
2 560
2 619
3 139
3 087
3 095
3 130
3 248
3 226
3 287
3 232
12 025
11 949
11 258
11 300
11 392
11 287
11 961
11 875
9.1
9.1
9.1
9.1
9.1
9.1
9.1
9.1
RESERVE ASSETS
END-OF-YEAR POSITIONS
RESERVE ASSETS
END-OF-MONTH POSITIONS
FINANCIAL DERIVATIVES
MONETARY GOLD
SDR
IMF RESERVE POSITION
FOREIGN EXCHANGE
EUR m
60000
EUR m
FINANCIAL DERIVATIVES
MONETARY GOLD
SDR
IMF RESERVE POSITION
FOREIGN EXCHANGE
EUR m
EUR m
60000
60000
50000
50000
50000
50000
40000
40000
40000
40000
30000
30000
30000
30000
20000
20000
20000
20000
10000
10000
10000
10000
2000
2002
2004
2006
2008
2010
Q3
2011
Q4
Q1
60000
Q2
Q3
2012
Source: BE.
Note: From January 1999 the assets denominated in euro and other currencies vis--vis residents of other euro area countries are not considered reserve assets. To December
1998, data in pesetas have been converted to euro using the irrevocable euro conversion rate. Since January 1999, all reserve assets are valued at market prices. As of January
2000 reserve assets data have been compiled in accordance with the IMFs new methodological guidelines published in the document International Reserves and Foreign
Currency Liquidity
Guidelines for a Data Template, October 2001 (http://dsbb.imf.org/Applications/web/sddsguide). Using this new definition, total reserve assets as at 31.12.99 would
have been EUR 37835 million instead of the ammount of EUR 37288 million published in this table.
BANCO DE ESPAA
44*
7.9. SPANISH EXTERNAL DEBT VIS--VIS OTHER EURO AREA RESIDENTS AND THE REST OF THE WORLD. SUMMARY
End-of-period positions
EUR millions
General government
Short-term
Other monetary financial institutions

Long-term
Short-term
Long-term
Total
Total
Total
Money
market
instruments
08 Q1
Loans
Bonds and
notes
Loans
Trade
credits
Money
market
instruments
Deposits
Bonds and
notes
10
11
Deposits
12
1 596 725
1 651 445
1 690 245
1 672 021
200 163
202 260
217 747
233 755
6 329
5 594
9 722
12 480
558
162
494
2 099
173 668
177 009
187 624
198 366
19 607
19 495
19 907
20 810
768 529
794 086
792 491
766 311
20 424
22 729
21 269
12 224
380 522
399 932
400 051
400 691
256 302
258 374
258 393
249 210
111 281
113 051
112 778
104 187
1 699 703
1 722 777
1 732 303
1 757 372
243 632
257 152
276 333
299 770
15 801
21 125
31 005
44 479
480
979
709
532
204 677
211 224
219 260
229 085
22 675
23 825
25 359
25 674
784 094
786 229
770 038
782 874
15 149
14 200
14 217
14 903
411 446
409 692
391 123
384 509
248 803
251 975
257 026
260 304
108 696
110 363
107 671
123 157
1 781 378
1 762 139
1 747 317
1 717 265
317 503
292 977
303 843
288 589
51 896
39 698
39 437
36 629
117
195
935
980
238 846
224 769
234 437
220 521
26 643
28 315
29 034
30 459
789 869
741 796
758 152
759 633
16 641
12 157
10 926
9 910
399 817
378 888
396 110
413 379
256 338
239 162
242 943
238 061
117 073
111 589
108 173
98 283
Q2
Q3
Q4
1 709 569
1 732 618
1 757 882
1 757 341
291 283
285 497
292 171
274 908
37 875
37 245
36 605
28 545
488
11
510
431
221 838
215 762
222 015
211 918
31 081
32 479
33 040
34 014
764 176
795 343
771 984
715 334
10 640
7 554
6 211
3 494
395 695
425 267
402 061
362 532
239 222
234 487
227 294
218 553
118 619
128 035
136 418
130 755
12 Q1
1 779 973
255 184
23 731
191 335
40 110
655 360
3 341
311 560
205 199
135 259
Q2
Q3
Q4
09 Q1
Q2
Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
7.9. (CONT.) SPANISH EXTERNAL DEBT VIS--VIS OTHER EURO AREA RESIDENTS AND THE REST OF THE WORLD. SUMMARY
End-of-period positions
EUR millions
Monetary authority
Other residents sectors
Short-term
Short-term
Total
Deposits
13
Long-term
Vis--vis
Total
Money
market
instruments
16
(a)
08 Q1
Direct investment
14
15
Loans
17
Other
liabilities
18
Bonds and
notes
19
Loans
20
Trade
credits
21
Other
liabilities
22
Total
23
Direct
investors
24
Subsidiaries
25
1 855
12 326
24 276
35 233
1 855
12 326
24 276
35 233
484 555
493 741
501 587
479 500
927
6 217
18 093
13 329
22 022
22 786
25 024
22 307
473
1 465
1 342
2 668
328 226
327 505
318 792
302 204
130 418
133 364
136 110
136 854
358
355
362
361
2 132
2 047
1 865
1 777
141 624
149 032
154 144
157 223
56 104
61 350
62 559
65 142
85 520
87 683
91 585
92 080
32 491
35 596
47 538
41 400
32 491
35 596
47 538
41 400
480 593
468 268
461 698
459 569
20 122
18 969
13 249
18 059
19 430
17 448
16 429
14 269
3 275
2 416
2 552
2 375
292 216
282 343
281 652
278 601
143 518
145 040
145 875
144 393
393
385
419
419
1 639
1 667
1 522
1 454
158 893
175 532
176 696
173 759
69 975
90 696
89 842
73 851
88 918
84 836
86 854
99 908
43 673
105 881
59 477
51 323
43 673
105 881
59 477
51 323
450 370
440 502
448 324
438 053
14 758
12 714
14 032
11 929
15 097
17 908
17 462
18 285
3 179
4 462
4 762
3 974
271 344
258 705
260 062
250 678
144 295
145 110
150 451
151 534
424
432
421
422
1 273
1 172
1 134
1 231
179 965
180 983
177 521
179 668
69 703
67 228
67 371
67 328
110 262
113 755
110 150
112 340
Q2
Q3
Q4
40 665
45 732
89 019
175 360
40 665
45 732
89 019
175 360
435 030
428 403
426 427
414 499
11 724
11 840
7 466
5 350
19 493
19 890
20 498
20 957
3 508
3 882
6 076
6 234
248 339
240 618
235 866
225 515
150 159
150 761
155 104
155 114
415
414
420
423
1 391
997
997
907
178 416
177 644
178 281
177 240
67 606
68 268
67 715
69 072
110 810
109 375
110 566
108 168
12 Q1
276 496
276 496 416 581
8 561
20 729
6 365
221 705 157 893
420
907 176 352
68 371
107 982
Q2
Q3
Q4
09 Q1
Q2
Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
Source: BE.
BANCO DE ESPAA
45*
8.1.a CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM. NET LENDING TO CREDIT INSTITUTIONS AND ITS COUNTERPARTS
Average of daily data, EUR millions
Net lending in euro
Counterparts
Open market operations
Standing
facilities
Autonomous factors
Total
Main
refinancing
operations
1=2+3+4
+5+6-7
Longerterm
refinancing
operations
Finetuning
reverse
operations
(net)
Structural reverse
operations
(net)
Marginal
lending
facility
Deposit
facility
Total
Banknotes
8=9+10
-11-12
Deposits
to
general
government
10
Gold and
net assets in
foreign
currency
11
Other
assets
(net)
12
Actual
reserves
of
credit
institutions
13
11 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
416 301
396 372
406 998
431 648
428 135
415 158
385 451
381 055
373 525
394 459
106 478
96 912
121 578
134 617
155 735
152 276
159 698
201 431
214 687
229 993
336 508
322 853
315 687
315 438
314 193
371 089
379 582
381 245
393 440
481 184
-4 166
-3 756
-6 504
-1 346
-3 563
-6 310
-7 589
-13 039
-12 911
-5 277
1 478
378
252
158
123
467
613
2 860
2 392
7 807
23 997
20 016
24 016
17 219
38 354
102 365
146 852
191 442
224 082
319 248
205 766
194 759
190 096
217 454
218 792
198 249
184 329
166 392
157 921
175 162
822 946
831 108
833 005
842 535
851 836
854 163
852 472
858 960
865 195
882 268
81 378
64 758
53 806
75 422
74 499
56 888
47 300
57 290
62 105
60 738
552 327
526 450
526 287
528 083
541 021
540 662
543 854
611 521
614 105
657 215
146 232
174 657
170 428
172 420
166 522
172 140
171 590
138 337
155 275
110 629
210 536
201 613
216 902
214 194
209 343
216 908
201 122
214 663
215 605
219 297
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
356 284
322 045
361 695
382 712
347 195
437 789
743 701
885 373
126 500
128 613
40 792
55 069
40 063
132 691
156 106
131 936
698 255
663 720
1 096 956
1 090 965
1 076 812
1 069 309
1 080 565
1 076 236
6 376
0
0
-
3 707
1 683
3 718
1 066
1 644
2 003
817
833
472 178
478 347
779 771
764 388
771 324
766 215
493 787
323 633
211 324
215 315
249 711
272 458
229 927
328 135
372 135
347 038
875 501
868 647
868 490
873 353
876 907
888 832
896 182
898 561
94 231
106 706
142 720
148 188
116 280
131 374
134 906
115 828
695 754
700 664
672 633
660 168
656 995
659 454
678 366
678 405
62 654
59 374
88 867
88 915
106 265
32 617
-19 413
-11 054
144 961
106 730
111 984
110 253
117 268
109 653
371 566
538 334
8.1.b BALANCE SHEET OF THE BANCO DE ESPAA. NET LENDING TO CREDIT INSTITUTIONS AND ITS COUNTERPARTS
Average of daily data, EUR millions
Net lending in euro
Counterparts
Open market operations
Standing
facilities
Intra-ESCB
Autonomous factors
Total
Main
refinancing
operations
Longerterm
refinancing
operations
Finetuning
reserve
operations
(net)
Structural
reserve
operations
(net)
Marginal
lending
facility
14=15+16
+17+18
+19-20
15
16
17
11 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
42 244
42 227
53 134
47 777
52 053
69 918
69 299
76 048
97 970
118 861
9 090
10 830
18 422
11 506
21 686
36 767
32 965
43 185
54 449
47 109
34 734
32 991
39 430
37 949
35 678
44 840
46 394
42 994
51 831
85 302
-240
-544
-487
-127
-206
-435
-225
-461
-465
1 976
0
40
74
51
0
0
110
395
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
133 177
152 432
227 600
263 535
287 813
337 206
375 549
388 736
6 445
17 505
1 037
1 781
9 204
44 961
69 338
74 115
154 976
152 297
315 306
315 153
315 438
320 036
332 847
337 539
-0
2 293
-
1
5
0
-
Deposit
facility
Target
Rest
Total
Banknotes
Deposits
to
general
government
Gold
and net
assets
in
foreign
currency
Other
assets
(net)
Actual
reserves
of
credit
institutions
t
18
19
20
21
25
26
27
-5 585
-5 585
-5 585
-5 585
-5 585
-5 585
-5 585
-5 585
-5 585
-5 604
-17 499
-18 560
-16 970
-17 618
-20 478
-18 545
-30 491
-36 331
-38 879
-50 033
72 689
73 096
71 609
71 283
71 836
70 845
68 987
68 456
67 709
69 568
7 193
6 828
8 699
9 185
6 329
11 743
8 879
5 754
8 302
5 016
20 785
19 781
19 822
19 886
21 185
21 543
21 636
24 147
26 705
33 204
76 596
78 702
77 456
78 200
77 459
79 590
86 721
86 395
88 185
91 414
24 721
22 751
25 604
23 444
24 772
24 169
22 565
24 324
22 894
23 668
28 244
19 665
88 742
53 404
36 829
27 792
26 636
22 918
-5 724
-5 724
-5 724
-5 724
-5 724
-5 724
-5 724
-5 724
-53 051
-49 527
-30 159
-26 953
-36 857
-40 468
-45 373
-46 154
68 708
67 114
66 912
67 161
67 030
70 049
71 589
71 144
5 847
10 035
24 829
24 159
11 226
7 284
5 319
6 424
37 116
37 120
35 054
32 986
32 912
35 954
42 439
43 110
90 489
89 556
86 847
85 287
82 200
81 846
79 842
80 611
16 012
10 787
11 386
11 662
11 800
11 589
12 027
11 997
Sources: ECB for Table 8.1.a and BE for Table 8.1.b.
BANCO DE ESPAA
46*
23=24+25
-26-27
24
1 340 40 606
1 050 43 621
4 231 50 085
1 591 47 536
5 179 53 344
11 304 69 880
9 835 82 810
9 670 93 640
7 956 119 540
15 921 150 831
175 940
196 896
252 097
284 549
318 594
371 808
414 619
428 617
22
28
8.2 CASH AND CASH EQUIVALENTS, OTHER LIABILITIES OF CREDIT INSTITUTIONS AND MUTUAL FUNDS SHARES
OF NON-FINANCIAL CORPORATIONS, HOUSEHOLDS AND NPISHS RESIDENT IN SPAIN (a)
EUR millions and %
Cash and cash equivalents
Other liabilities of credit institutions
12-m. % change
Stocks
12month
%
change
12-month % change
Stocks
Cash
Deposits
(b)
Mutual funds shares
12
month
%
change
12-month % change 12-month % change

Stocks
Other
deposits
(c)
Repos +
credit
institutions
securities
8
Memorandum items
Deposits
in
branches
abroad
9
10
12month
%
change
11
Fixed
income
in EUR
(d)
12
Other
13
AL
(e)
14
Contribution
of the
MFIs
resid.
to M3
15
09
10
11
519 299
518 340
509 981
8.5
-0.2
-1.6
0.6
-0.3
-1.9
10.6
-0.1
-1.5
527 739
568 910
577 488
-3.5
7.8
1.5
-1.3
6.4
-2.3
-18.5
31.5
44.8
-39.8
-22.2
-28.9
146 214
124 357
115 157
-0.6
-14.9
-7.4
1.1
-29.5
-10.3
-2.4
1.6
-5.1
2.0
1.5
-0.5
0.3
-1.7
-1.1
11 Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
512 111
509 733
523 525
515 634
506 611
502 786
495 731
500 118
509 981
1.3
-0.5
-1.4
-1.5
-2.1
-1.5
-2.1
-0.8
-1.6
-0.7
-1.9
-2.3
-2.6
-2.7
-2.1
-2.0
-1.6
-1.9
1.8
-0.2
-1.2
-1.3
-1.9
-1.4
-2.1
-0.6
-1.5
572 061
575 646
578 152
573 626
575 288
573 786
574 053
571 410
577 488
8.6
8.7
8.3
5.5
5.0
3.0
2.3
0.9
1.5
7.9
7.4
7.0
4.4
4.5
2.9
0.8
-1.6
-2.3
20.9
27.3
28.6
21.2
14.5
5.9
21.6
29.2
44.8
-16.1
0.5
-13.4
-17.0
-24.0
-14.3
-13.8
-20.1
-28.9
124 660
123 436
121 717
121 283
119 785
117 938
118 090
115 330
115 157
-12.3
-10.2
-9.0
-9.1
-9.9
-10.2
-9.6
-8.4
-7.4
-28.0
-25.8
-21.1
-18.6
-17.4
-15.8
-14.3
-12.8
-10.3
3.8
5.6
2.4
-0.8
-3.4
-5.4
-5.8
-4.7
-5.1
2.9
2.3
2.1
0.9
0.5
-0.1
-0.5
-0.6
-0.5
1.8
2.2
2.6
2.0
2.0
0.5
0.7
0.1
-1.1
12 Jan
Feb
Mar
Apr
May
Jun
Jul
493 716
492 086
497 887
489 246
501 540
523 652
505 682
-2.2
-2.8
-3.2
-4.5
-1.6
0.0
-1.9
-2.3
-2.4
-1.8
-1.8
1.4
3.9
4.4
-2.1
-2.9
-3.5
-5.1
-2.3
-0.9
-3.4
577 318
582 603
583 480
575 657
566 084
559 940
553 768
1.6
1.5
1.6
0.6
-1.7
-3.2
-3.5
-3.1
-3.5
-3.8
-4.7
-6.9
-8.4
-9.2
58.1
59.8
63.3
61.7
58.0
56.4
60.5
-31.7
-33.9
-39.0
-37.6
-36.2
-32.5
-26.4
118 041
119 071
118 259
117 474
114 082
113 414
112 055
-5.5
-5.3
-5.6
-5.8
-7.6
-6.8
-7.6
-7.4
-4.3
-4.4
-3.0
-3.0
-4.9
-4.9
-4.1
-6.0
-6.5
-7.7
-10.8
-8.2
-9.6
-0.5
-0.7
-0.9
-1.8
-1.7
-1.8
-2.8
1.0
0.6
-0.4
-0.6
-0.9
-1.5
-3.1
P
P
P
P
NON-FINANCIAL CORPORATIONS, HOUSEHOLDS AND NPISHs

29
27
25
23
21
19
17
15
13
11
9
7
5
3
1
-1
-3
-5
-7
-9
-11
-13
-15
-17
-19
-21
-23
-25
-27
-29
-31
-33
CASH AND CASH EQUIVALENTS

OTHER LIABILITIES OF CREDIT INSTITUTIONS
MUTUAL FUNDS SHARES
2009
2010
2011
2012
NON-FINANCIAL CORPORATIONS, HOUSEHOLDS AND NPISHs

AL
CONTRIBUTION OF THE MFIs RESID. TO M3
%
29
27
25
23
21
19
17
15
13
11
9
7
5
3
1
-1
-3
-5
-7
-9
-11
-13
-15
-17
-19
-21
-23
-25
-27
-29
-31
-33
21
20
19
19
18
18
17
17
16
16
15
15
14
14
13
13
12
12
11
11
10
10
-1
-1
-2
-2
-3
-3
-4
-4
-5
-5
-6
2009
2010
2011
2012
Source: BE.
a. This concept refers to the instruments included in the headings of the table, issued by resident credit institutions and mutual funds. The exception is column 9, which
includes deposits in Spanish bank branches abroad.
b. Current accounts, savings accounts and deposits redeemable at up to 3 months notice.
c. Deposits redeemable at over 3 months notice and time deposits.
d. The series includes the old categories of Money market funds and Fixed income mutual funds in euros.
e. Defined as cash and cash equivalents, other liabilities of credit institutions and Fixed income mutual funds shares in euros.
BANCO DE ESPAA
47*
21
20
-6
OF NON-FINANCIAL CORPORATIONS RESIDENT IN SPAIN (a)
EUR millions and %
Cash and cash equivalents (b)
Mutual funds shares
Annual
growth rate
Stocks
Annual
growth
rate
Stocks
Annual
growth
rate
Annual growth rate

Stocks
Repos +
credit
instit.
securit.+
dep. in
branches
abroad
Other
deposits
(c)
5
Annual
growth
rate
Fixed
income
in EUR
(d)
Other
10
09
10
11
117 386
119 757
112 152
-2.8
2.0
-6.4
113 704
123 552
127 226
-5.5
8.7
3.0
9.2
6.1
-10.9
-38.6
19.1
52.4
11 475
12 153
9 780
5.5
5.9
-19.5
1.0
-9.4
-16.5
10.8
22.1
-21.9
11 Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
118 367
118 295
121 854
115 876
114 506
112 031
108 693
111 426
112 152
4.6
-0.1
-2.7
-3.5
-5.7
-5.3
-5.8
-3.7
-6.4
119 002
121 120
122 657
118 228
120 531
120 520
120 850
122 134
127 226
8.2
11.0
10.2
3.5
5.8
1.9
1.8
-0.8
3.0
5.2
5.9
5.0
-2.1
1.3
-1.9
-6.4
-11.0
-10.9
20.9
35.5
34.6
30.4
25.2
17.0
35.6
36.2
52.4
12 103
11 983
11 817
11 282
11 142
10 970
10 984
10 727
9 780
4.5
7.0
8.4
-16.3
-17.0
-17.3
-14.0
-12.8
-19.5
-13.3
-10.7
-5.1
-25.1
-24.1
-22.6
-18.1
-16.7
-16.5
22.7
24.8
21.1
-8.6
-10.9
-12.8
-10.6
-9.6
-21.9
12 Jan
Feb
Mar
Apr
May
Jun
Jul
106 399
106 957
108 838
103 225
109 824
114 404
102 829
-5.6
-8.5
-10.3
-12.8
-7.2
-6.1
-11.3
126 777
129 784
130 832
127 407
124 782
124 290
121 159
7.4
7.8
7.5
7.1
3.0
1.3
2.5
-10.8
-11.0
-13.3
-14.0
-17.8
-19.6
-20.1
77.5
79.7
85.1
85.4
80.7
79.4
83.4
10 976
11 072
10 997
10 552
10 252
10 185
10 060
-10.2
-10.0
-10.3
-12.8
-14.4
-13.8
-10.8
-12.0
-9.1
-9.2
-8.2
-8.2
-10.1
-5.3
-8.9
-10.7
-11.1
-16.1
-18.9
-16.5
-14.8
P
P
P
P
NON-FINANCIAL CORPORATIONS
50

MUTUAL FUNDS SHARES
50
45
45
40
40
35
35
30
30
25
25
20
20
15
15
10
10
-5
-5
-10
-10
-15
-15
-20
-20
-25
-25
-30
-30
-35
-35
-40
-40
-45
-45
-50
-50
-55
2006
2007
2008
2009
2010
2011
2012
Source: BE.
b. Cash, current accounts, savings accounts and deposits redeemable at up to and including 3 months notice.
BANCO DE ESPAA
48*
-55
OF HOUSEHOLDS AND NPISHS RESIDENT IN SPAIN (a)
EUR millions and %

Cash and cash equivalents
Annual growth rate

Stocks
Annual
growth
rate
Annual
growth rate
Stocks
Cash
Annual
growth
rate
Deposits
(b)
Mutual funds shares
Annual growth rate

Stocks
Repos +
credit
instit.
securit.+
dep. in
branches
abroad
Other
deposits
(c)
7
Annual
growth
rate
10
Fixed
income
in EUR
(d)
Other
11
12
09
10
11
401 912
398 582
397 829
12.4
-0.8
-0.2
3.5
-1.8
-1.2
15.3
-0.5
0.1
414 036
445 358
450 262
-2.9
7.6
1.1
-3.5
6.5
-0.3
8.3
28.2
23.0
134 738
112 204
105 377
-1.0
-16.7
-6.1
1.1
-31.1
-9.6
-3.4
-0.2
-3.3
11 Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
393 745
391 438
401 672
399 758
392 105
390 755
387 038
388 693
397 829
0.3
-0.6
-1.0
-0.9
-0.9
-0.4
-1.0
0.1
-0.2
-1.7
-2.5
-2.3
-2.5
-2.4
-1.7
-1.5
-1.0
-1.2
1.0
-0.1
-0.6
-0.5
-0.5
0.0
-0.8
0.4
0.1
453 060
454 527
455 496
455 397
454 756
453 266
453 203
449 277
450 262
8.7
8.2
7.8
6.0
4.7
3.3
2.5
1.3
1.1
8.5
7.7
7.4
6.0
5.2
4.0
2.4
0.6
-0.3
12.1
15.5
14.2
6.3
-2.1
-7.4
3.1
12.6
23.0
112 557
111 452
109 900
110 002
108 644
106 968
107 106
104 603
105 377
-13.8
-11.7
-10.5
-8.3
-9.1
-9.4
-9.1
-7.9
-6.1
-29.3
-27.1
-22.5
-17.8
-16.7
-15.1
-13.9
-12.4
-9.6
2.1
3.9
0.8
0.1
-2.5
-4.6
-5.2
-4.2
-3.3
12 Jan
Feb
Mar
Apr
May
Jun
Jul
387 317
385 129
389 049
386 021
391 716
409 248
402 853
-1.2
-1.1
-1.0
-2.0
0.1
1.9
0.8
-1.6
-1.7
-1.2
-1.2
1.9
4.4
4.8
-1.0
-0.9
-1.0
-2.2
-0.5
1.2
-0.4
450 541
452 819
452 648
448 250
441 303
435 649
432 610
0.1
-0.2
-0.0
-1.1
-2.9
-4.4
-5.0
-1.4
-1.8
-1.6
-2.6
-4.4
-5.9
-6.9
23.9
25.1
23.9
22.7
20.5
19.3
24.8
107 065
107 999
107 262
106 922
103 830
103 229
101 996
-5.0
-4.8
-5.1
-5.0
-6.8
-6.1
-7.3
-6.8
-3.8
-3.9
-2.4
-2.5
-4.4
-4.8
-3.6
-5.5
-6.0
-6.8
-9.9
-7.3
-9.0
P
P
P
P
HOUSEHOLDS AND NPISH

30

MUTUAL FUNDS SHARES
30
25
25
20
20
15
15
10
10
-5
-5
-10
-10
-15
-15
-20
-20
-25
-25
-30
2006
2007
2008
2009
2010
2011
2012
Source: BE.
b. Current accounts, savings accounts and deposits redeemable at up to 3 months notice.
BANCO DE ESPAA
49*
-30
8.5. FINANCING OF NON-FINANCIAL SECTORS RESIDENT IN SPAIN (a)
EUR millions and %

Total
Annual growth rate
Contribution to col. 3
Non-financial corp. and households and NPISHs

Stocks
Effective
flow
Annual Genegrowth
ral
rate
government
(b)
NonHouse- Credit
Securi- Exterfinan- holds
instituties
nal
cial
and
tions
other
loans
corpo- NPISHs loans & than
rations
securit. shares
funds
6
7
8
9
10
-0.9
0.4
-2.1
-1.4
0.6
-1.9
-0.3
0.2
-2.4
-2.0
-0.4
-3.3
36.3
10.6
7.7
0.4
3.4
2.4
4.8
2.9
3.2
-0.8
0.3
-1.6
-0.7
0.3
-0.9
-0.1
0.1
-0.8
-1.4
-0.3
-2.1
0.5
0.2
0.2
0.1
0.4
0.3
11 Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2 850 537 -7 529

2 852 182
1 767
2 867 340 23 363
2 855 155 -11 666
2 840 162 -14 697
2 853 066 14 514
2 843 275 -4 732
2 860 572 17 249
2 862 588
5 606
3.2
2.8
2.7
2.6
2.3
2.1
1.3
1.4
1.6
16.8
16.3
16.7
15.8
15.7
15.0
12.2
12.9
14.2
-0.4
-0.8
-1.1
-1.0
-1.4
-1.5
-1.8
-1.9
-2.1
-0.2
-0.6
-0.7
-0.7
-1.1
-1.5
-1.6
-1.7
-1.9
-0.7
-1.1
-1.6
-1.6
-1.9
-1.5
-2.0
-2.2
-2.4
-1.2
-1.7
-2.0
-2.1
-2.5
-2.6
-2.8
-3.0
-3.3
4.2
5.4
4.9
7.5
7.0
7.1
5.6
4.9
7.7
3.2
3.2
3.0
2.9
2.7
2.6
2.6
2.6
2.4
3.5
3.4
3.6
3.4
3.4
3.3
2.7
2.9
3.2
-0.3
-0.6
-0.8
-0.8
-1.1
-1.2
-1.4
-1.4
-1.6
-0.1
-0.3
-0.3
-0.3
-0.5
-0.7
-0.7
-0.8
-0.9
-0.2
-0.4
-0.5
-0.5
-0.6
-0.5
-0.6
-0.7
-0.8
-0.8
-1.1
-1.3
-1.3
-1.6
-1.7
-1.8
-1.9
-2.1
0.1
0.1
0.1
0.2
0.1
0.2
0.1
0.1
0.2
0.4
0.4
0.4
0.4
0.3
0.3
0.3
0.3
0.3
12 Jan
Feb
Mar
Apr
May
Jun
Jul
2 867 450
6 982
2 876 171
9 582
2 882 603
6 147
2 868 200 -11 036
2 878 078
9 561
2 888 497 10 302
2 871 958 -15 263
1.7
1.6
1.6
1.5
1.8
1.3
1.2
14.4
13.5
13.0
13.2
14.3
14.1
15.2
-2.1
-2.0
-2.0
-2.1
-2.2
-2.8
-3.3
-1.9
-1.6
-1.4
-1.6
-1.7
-2.6
-3.3
-2.5
-2.7
-2.7
-2.9
-2.9
-3.1
-3.4
-3.4
-3.3
-3.4
-3.5
-3.6
-4.1
-4.6
8.8
9.0
11.2
8.4
7.2
9.1
8.7
2.4
2.4
3.0
2.6
3.0
1.4
0.8
3.3
3.2
3.1
3.1
3.5
3.5
3.7
-1.6
-1.6
-1.5
-1.6
-1.7
-2.1
-2.5
-0.9
-0.7
-0.6
-0.7
-0.8
-1.2
-1.5
-0.8
-0.8
-0.8
-0.9
-0.9
-1.0
-1.0
-2.1
-2.1
-2.1
-2.1
-2.2
-2.5
-2.8
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.3
0.3
0.4
0.3
0.4
0.2
0.1
P
P
P
P
FINANCING OF NON-FINANCIAL SECTORS

38
12
FINANCING OF NON-FINANCIAL SECTORS

Contributions to the annual percentage change
GENERAL GOVERNMENT
HOUSEHOLDS AND NPISHS
TOTAL
11
NonHouse- Credit
Securi- Exterfinan- holds
instituties
nal
cial
and
tions
other
loans
corpo- NPISHs loans & than
rations
securit. shares
funds
13
14
15
16
17
29.3
14.0
14.2
By instrumentss
4.0
3.2
1.6
By sectors
2 767 031 107 128

2 844 234 88 972
2 862 588 44 987
By instruments
09
10
11
By sectors
Non-financial corp. and households and NPISHs

General
government
(b)
GENERAL GOVERNMENT
HOUSEHOLDS AND NPISHS
TOTAL
38
38
36
36
36
36
34
34
34
34
32
32
32
32
30
30
30
30
28
28
28
28
26
26
26
26
24
24
24
24
22
22
22
22
20
20
20
20
18
18
18
18
16
16
16
16
14
14
14
14
12
12
12
12
10
10
10
10
-2
-2
-2
-2
-4
-4
-4
-4
-6
-6
-6
-6
-8
-8
-8
2009
2010
2011
2012
2009
Source: BE.
a. The annual percentage changes are calculated as the effective flow of the period / the stock at the beginning of the period.
b. Total liabilities (consolidated). Inter-general government liabilities are deduced.
BANCO DE ESPAA
50*
2010
2011
2012
38
-8
8.6. FINANCING OF NON-FINANCIAL CORPORATIONS RESIDENT IN SPAIN (a)
EUR millions and %

Resident credit institutions loans and
off-balance-sheet
securitised loans
Total
Stocks
Effective
flow
Annual
growth
rate
Stocks
Annual
growth
rate
Securities other
than shares (b)
Contribution
to
col.3
of which
Annual
growth
rate
Stocks
Issues
by resident
financ.
subsid.
8
Contribution
to
col.3
10
09
10
11
1 298 607 -18 104

1 301 635
7 485
1 255 386 -25 320
-1.4 914 902

0.6 895 918
-1.9 840 887
-3.6
-1.0
-4.2
-2.6
-0.7
-2.9
54 618
60 418
65 088
40 095
46 895
50 867
36.3
10.6
7.7
11 Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1 284 338
1 280 545
1 272 858
1 272 842
1 262 829
1 267 104
1 262 977
1 265 004
1 255 386
-793
-4 006
-50
135
-9 969
5 163
482
1 477
-7 109
-0.2
-0.6
-0.7
-0.7
-1.1
-1.5
-1.6
-1.7
-1.9
876 254
871 252
865 216
863 879
852 995
852 340
850 978
849 929
840 887
-1.8
-2.3
-2.4
-2.5
-3.0
-3.6
-3.6
-3.7
-4.2
-1.2
-1.6
-1.7
-1.8
-2.1
-2.5
-2.5
-2.6
-2.9
62 762
64 027
63 136
63 442
63 225
64 027
64 161
64 524
65 088
48 869
49 798
48 915
49 181
49 002
49 802
49 985
50 363
50 867
1 250 567 -2 958

1 251 298
1 282
1 248 853 -2 063
P 1 244 000 -2 640
P 1 238 674 -5 928
P 1 228 029 -11 539
P 1 218 517 -8 687
-1.9
-1.6
-1.4
-1.6
-1.7
-2.6
-3.3
835 814
831 018
828 598
825 581
819 091
812 285
804 233
-4.3
-3.9
-4.1
-3.9
-4.3
-5.1
-5.9
-2.9
-2.7
-2.8
-2.7
-2.9
-3.5
-4.0
65 438
67 918
69 240
68 023
68 657
68 903
68 991
51 080
53 296
54 320
53 166
53 979
53 606
53 854
12 Jan
Feb
Mar
Apr
May
Jun
Jul
External loans
Stocks
11
Annual
growth
rate
12
Contribution
to
col.3
13
Memorandum items:
offbalancesheet
securitised loans
14
1.1 329 086

0.4 345 298
0.4 349 411
0.4
3.3
2.3
0.1
0.8
0.6
1 256
1 581
1 332
4.2
5.4
4.9
7.5
7.0
7.1
5.6
4.9
7.7
0.2
0.3
0.2
0.3
0.3
0.3
0.3
0.2
0.4
345 322
345 266
344 506
345 520
346 610
350 737
347 838
350 551
349 411
3.2
3.1
2.9
2.9
2.7
2.5
2.5
2.6
2.3
0.8
0.8
0.8
0.7
0.7
0.7
0.7
0.7
0.6
1 454
1 431
1 427
1 386
1 328
1 212
1 294
1 275
1 332
8.8
9.0
11.2
8.4
7.2
9.1
8.7
0.4
0.4
0.5
0.4
0.4
0.5
0.4
349 315
352 362
351 014
350 396
350 926
346 842
345 292
2.4
2.3
3.0
2.6
3.0
1.4
0.8
0.6
0.6
0.8
0.7
0.8
0.4
0.2
1 325
1 172
1 143
1 172
1 147
1 164
1 102
FINANCING OF NON-FINANCIAL CORPORATIONS

FINANCING OF NON-FINANCIAL CORPORATIONS

LOANS AND SECURITISATION FUNDS

SECURITIES OTHER THAN SHARES
EXTERNAL LOANS
TOTAL
LOANS AND SECURITISATION FUNDS

TOTAL
%
24
24
24
24
22
22
22
22
20
20
20
20
18
18
18
18
16
16
16
16
14
14
14
14
12
12
12
12
10
10
10
10
-2
-2
-2
-2
-4
-4
-4
-4
-6
-6
-6
-6
-8
-8
-8
2009
2010
2011
2012
2009
2010
2011
2012
-8
Source: BE.
b. Includes issues of resident financial subsidiaries of non-financial corporations, insofar as the funds raised in these issues are routed to the parent company as loans. The issuing
institutions of these financial instruments are classified as Other financial intermediaries in the Boletn Estadstico and in the Financial Accounts of the Spanish Economy.
BANCO DE ESPAA
51*
8.7. FINANCING OF HOUSEHOLDS AND NPISHS RESIDENT IN SPAIN (a)
EUR millions and %

off-balance-sheet
securitised loans. Housing
Total
Stocks
Effective
flow
Annual
growth
rate
3
Stocks
Contribution
to
col.3
Annual
growth
rate

off-balance-sheet
securitised loans. Other
Stocks
Contribution
to
col.3
Annual
growth
rate
8
External loans
Stocks
10
Annual
growth
rate
11
Memorandum items:
off-balance-sheet
securitised loans
Contribution
to
col.3
12
Housing
Other
13
14
09
10
11
903 342
898 146
870 960
-2 867
2 116
-21 481
-0.3
0.2
-2.4
678 552
679 958
666 866
0.2
0.7
-1.7
0.1
0.5
-1.3
221 824
215 285
201 065
-1.9
-1.3
-4.7
-0.5
-0.3
-1.1
2 966
2 902
3 029
3.8
5.8
4.9
0.0
0.0
0.0
23 986
17 161
10 336
2 986
1 637
547
11 Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
887 178
884 889
889 194
883 669
878 962
877 623
873 954
877 624
870 960
-317
-1 954
4 872
-5 158
-4 454
-618
-3 220
4 173
-5 583
-0.7
-1.1
-1.6
-1.6
-1.9
-1.5
-2.0
-2.2
-2.4
676 532
674 603
674 734
674 240
671 878
671 201
669 149
667 909
666 866
0.2
-0.3
-0.6
-0.7
-0.8
-0.8
-1.0
-1.2
-1.7
0.1
-0.2
-0.4
-0.5
-0.6
-0.6
-0.8
-0.9
-1.3
207 699
207 319
211 480
206 425
204 077
203 403
201 797
206 696
201 065
-3.4
-3.7
-4.9
-4.3
-5.3
-3.9
-5.1
-5.2
-4.7
-0.8
-0.9
-1.2
-1.0
-1.3
-0.9
-1.2
-1.3
-1.1
2 947
2 967
2 980
3 005
3 007
3 018
3 007
3 020
3 029
6.1
6.4
7.2
7.6
6.2
6.4
5.0
4.7
4.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
16 211
16 028
15 735
15 670
15 627
15 475
15 305
15 250
10 336
1 300
929
760
714
648
605
610
570
547
12 Jan
Feb
Mar
Apr
May
Jun
Jul
866 089
861 358
859 050
855 787
854 143
856 080
848 422
-4 614
-4 419
-2 975
-2 110
-1 358
2 714
-7 207
-2.5
-2.7
-2.7
-2.9
-2.9
-3.1
-3.4
663 730
660 918
659 805
660 121
657 256
653 982
652 449
-1.8
-2.0
-2.0
-2.2
-2.4
-2.9
-3.0
-1.4
-1.5
-1.5
-1.7
-1.8
-2.2
-2.3
199 318
197 389
196 186
192 603
193 809
199 004
192 867
-4.6
-5.1
-5.3
-5.5
-4.7
-3.9
-4.6
-1.1
-1.2
-1.3
-1.3
-1.1
-0.9
-1.1
3 041
3 051
3 059
3 063
3 078
3 094
3 105
4.9
5.3
4.7
4.9
4.7
4.8
4.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10 245
10 194
10 089
10 040
9 897
9 753
7 916
497
450
428
347
271
378
277
P
P
P
P
FINANCING OF HOUSEHOLDS AND NPISHs

FINANCING OF HOUSEHOLDS AND NPISHs

LOANS AND SECURITISATION FUNDS. HOUSING

LOANS AND SECURITISATION FUNDS. OTHER
EXTERNAL LOANS
TOTAL
LOANS AND SECURITISATION FUNDS. HOUSING

LOANS AND SECURITISATION FUNDS. OTHER
TOTAL
16
16
16
14
14
14
14
12
12
12
12
10
10
10
10
-2
-2
-2
-2
-4
-4
-4
-4
-6
-6
-6
2009
2010
2011
2012
2009
Source: BE.
BANCO DE ESPAA
52*
2010
2011
2012
16
-6
8.8. GROSS FINANCING OF SPAINS GENERAL GOVERMENT
EUR millions and %
Gross financing
EDP
Debt
(a)
Monthly
change
12
month
%
change
1=4+8+12 2=5+9+13 3
08
09
10
11
436 984 54 677

565 082 128 098
P 644 454 79 372
P 736 242 91 788
11 Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
P
P
P
P
P
P
P
P
P
P
P
672 558
685 440
679 021
686 748
705 288
698 644
698 371
708 340
706 345
717 944
736 242
12 Jan
Feb
Mar
Apr
May
Jun
Jul
P
P
P
A
A
A
A
750 795
763 515
774 700
768 413
785 261
804 388
805 019
Total
Monthly
change
12
month
%
change
Medium and long term securities

Contribution to
12-month
%
change
7
10
11
Total
12
Monthly
change
12
month
%
chage
13
14
Contribution to
12-month
%
change
15
19 479
33 127
2 121
8 029
58.3
62.7
2.5
9.1
5.1
7.6
0.4
1.2
302 656
385 825
445 252
513 696
22 784
83 170
59 427
68 444
8.1
27.5
15.4
15.4
6.0 81 453
19.0 93 255
10.5 111 078
10.6 126 392
12 414
11 802
17 823
15 314
18.0
14.5
19.1
13.8
3.2
2.7
3.2
2.4
16 255
12 881
-6 418
7 727
18 540
-6 644
-274
9 969
-1 995
11 599
18 298
19.1
17.7
16.8
16.3
16.7
15.8
15.7
15.0
12.2
12.9
14.2
89 203
85 654
85 864
89 427
92 275
93 311
90 266
91 271
90 010
93 364
96 153
1 312
-3 549
210
3 564
2 847
1 037
-3 045
1 005
-1 262
3 354
2 790
6.8
1.2
5.5
9.4
13.1
11.9
6.5
6.0
-1.0
3.6
9.1
1.0
0.2
0.8
1.3
1.8
1.6
0.9
0.8
-0.2
0.5
1.2
468 380
481 216
476 416
482 293
490 935
483 170
487 189
493 559
494 561
502 472
513 696
12 388
12 836
-4 800
5 877
8 642
-7 765
4 019
6 370
1 002
7 911
11 224
21.4
20.3
18.2
17.8
17.4
16.3
17.2
16.8
14.6
14.4
15.4
14.6
13.9
12.6
12.3
12.0
11.2
11.9
11.5
10.0
9.9
10.6
114 976
118 570
116 742
115 028
122 079
122 163
120 916
123 509
121 775
122 108
126 392
2 555
3 594
-1 828
-1 714
7 051
85
-1 247
2 593
-1 735
334
4 284
20.8
21.5
20.3
16.1
16.6
16.6
17.3
15.0
13.5
14.7
13.8
3.5
3.6
3.4
2.7
2.9
2.9
3.0
2.6
2.3
2.5
2.4
14 553
12 720
11 185
-6 287
16 848
19 127
631
14.4
13.5
13.0
13.2
14.3
14.1
15.2
93 550
89 450
85 483
80 215
75 590
72 319
73 775
-2 604
-4 100
-3 966
-5 268
-4 625
-3 272
1 456
6.4
0.3
-0.2
-6.6
-15.5
-21.6
-20.9
0.9
0.0
-0.0
-0.8
-2.0
-2.8
-2.8
529 881
544 638
553 704
548 276
553 846
560 067
555 611
16 185
14 757
9 066
-5 428
5 570
6 222
-4 456
16.2
16.3
15.1
15.1
14.8
14.1
15.0
11.3
11.3
10.6
10.6
10.4
9.8
10.4
127 365
129 427
135 512
139 921
155 825
172 002
175 633
972
2 063
6 085
4 409
15 903
16 177
3 631
13.3
12.6
14.3
19.9
35.5
40.9
43.8
2.3
2.1
2.5
3.4
5.9
7.1
7.7
GROSS FINANCING OF GENERAL GOVERNMENT

SHORT-TERM SECURITIES
MEDIUM AND LONG-TERM SECURITIES
NON-COMMERCIAL LOANS AND OTHER
%
130
50
115
115
45
45
100
100
40
40
35
35
30
30
25
25
20
20
15
15
10
10
-20
-5
-5
-35
-10
85
85
70
70
55
55
40
40
25
50
25
10
10
-5
-5
-20
-35
2009
52 876
86 003
88 124
96 153
SHORT-TERM SECURITIES
MEDIUM AND LONG-TERM SECURITIES
NON-COMMERCIAL LOANS AND OTHER
TOTAL
Monthly
change
14.3
29.3
14.0
14.2
GROSS FINANCING OF GENERAL GOVERNMENT

130
Total
Non Comercial Loans and Others (b)
Contribu12
tion to
month 12-month
%
%
change change
2010
2011
2012
2009
FUENTE: BE.
a.Debt according to Excessive Deficit Procedure (EDP).Consolidated nominal gross debt.
b.Including coined money and Caja General de Depositos
BANCO DE ESPAA
53*
2010
2011
2012
-10
8.9 LENDING BY CREDIT INSTITUTIONS TO OTHER RESIDENT SECTORS.

BREAKDOWN BY END-USE.
EUR millions and percentages

Financing of productive activities
Total
(a)
Agricul- Industry
ture
excluding
and
construcfishtion
eries
Total
Construction
Financing of individuals
Services
Total
Home purchases and

Purimprovements
chases
Other
of
Of which consumer (b)
durables
Total
Of which
Real
estate
activities
7
Total
8
Financing of
private
nonprofit
institutions
Unclassified
13
14
Memorandum
item:
construction
and
housing
(d)
Purchases
10
11
12
15
09
10
11
1 837 038
1 843 952
1 782 555
991 363 23 123 152 199 130 438 685 602 322 984 813 939 654 566 624 755 49 273 110 101
985 157 23 128 152 376 114 519 695 134 315 782 812 781 662 798 632 449 42 068 107 916
943 784 21 763 143 235 98 510 680 277 298 294 793 636 656 452 626 550 37 686 99 498
5 523 26 213 1 107 988

6 096 39 918 1 093 099
7 000 38 134 1 053 256
07 Q4
1 760 213
943 086 25 245 141 571 153 453 622 818 303 514 789 250 623 540 595 929 56 576 109 133
6 089 21 788 1 080 507
08 Q1
1 793 356 962 331

1 838 174 991 307
1 852 563 1 005 670
1 869 882 1 016 948
25 003
25 727
26 593
26 244
143 816
148 218
155 481
156 141
154 237
155 600
156 363
151 848
639 275
661 762
667 233
682 716
311 272
313 176
315 444
318 032
802 258
817 074
816 755
819 412
635 010
645 286
651 958
655 145
606 807
616 487
623 101
626 620
57 357
57 726
55 859
54 176
109 891
114 062
108 938
110 092
5 804
5 952
6 063
6 091
22 962 1 100 519

23 840 1 114 062
24 075 1 123 765
27 431 1 125 024
1 861 734 1 018 902

1 861 005 1 007 492
1 846 010 996 650
1 837 038 991 363
24 472
23 732
23 576
23 123
158 905
158 800
153 070
152 199
143 515
134 690
134 045
130 438
692 011
690 271
685 959
685 602
324 222
324 664
324 439
322 984
808 715
815 068
810 149
813 939
651 495
651 564
652 434
654 566
621 811
620 920
622 122
624 755
50 560
49 583
49 840
49 273
106 660
113 922
107 875
110 101
5 125
5 382
5 457
5 523
28 991 1 119 231

33 063 1 110 917
33 754 1 110 918
26 213 1 107 988
1 827 087
1 847 066
1 837 278
1 843 952
985 197
994 441
991 374
985 157
22 791
23 366
23 456
23 128
149 368
152 413
152 031
152 376
126 464
124 054
121 514
114 519
686 574
694 607
694 374
695 134
322 820
321 946
320 090
315 782
811 242
821 460
810 717
812 781
655 474
660 436
659 232
662 798
625 856
630 104
628 696
632 449
47 716
44 712
40 259
42 068
108 053
116 312
111 225
107 916
5 372
5 840
5 743
6 096
25 276 1 104 758

25 326 1 106 436
29 444 1 100 836
39 918 1 093 099
Q2
Q3
Q4
1 824 256
1 817 801
1 788 847
1 782 555
971 962
963 039
951 096
943 784
22 618
22 435
22 203
21 763
145 796
146 481
145 503
143 235
109 582
105 489
102 258
98 510
693 966
688 634
681 132
680 277
312 152
308 425
303 506
298 294
804 029
805 058
794 554
793 636
658 133
658 999
655 726
656 452
628 138
628 377
625 101
626 550
41 073
40 201
38 478
37 686
104 823
105 858
100 350
99 498
5 710
5 898
6 557
7 000
42 554 1 079 867

43 806 1 072 912
36 639 1 061 491
38 134 1 053 256
12 Q1
1 768 454
935 176 21 416 139 850 96 193 677 716 295 696 782 441 649 602 620 182 35 835 97 004
Q2
Q3
Q4
09 Q1
Q2
Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
CREDIT BY END-USE
Annual percentage changes (c)
30
6 643 44 193 1 041 492
CREDIT TO INDIVIDUALS BY END-USE

Annual percentage changes (c)
TOTAL
PRODUCTIVE ACTIVITIES
INDIVIDUALS
CONSTRUCTION AND HOUSING (d)
TOTAL
HOME PURCHASES
PURCHASE OF CONSUMER DURABLES
%
30
30
20
20
20
20
10
10
10
10
-10
-20
2007
2008
2009
2010
2011
-10
-10
-20
-20
2007
30
-10
2008
2009
2010
2011
-20
SOURCE: BE.
a. Series obtained from information in the accounting statement established for the supervision of resident institutions. See the changes introduced in the October 2001 edition
of the Boletn estadstico and Tables 4.13, 4.18 and 4.23 of the Boletin estadstico, which are published at www.bde.es.
b. Includes loans and credit to households for the purchase of land and rural property, the purchase of securities, the purchase of current goods and services not considered to
be consumer durables (e.g. loans to finance travel expenses) and for various end-uses not included in the foregoing.
c. Asset-backed securities brought back onto the balance sheet as a result of the entry into force of Banco de Espaa Circular BE 4/2004 have caused a break in the series in
June 2005. The rates depicted in the chart have been adjusted to eliminate this effect.
d. Including: construction, real estate activities and home purchases and improvements
BANCO DE ESPAA
54*
8.10. PROFIT AND LOSS ACCOUNT OF DEPOSIT-TAKING INSTITUTIONS RESIDENT IN SPAIN

As a percentage of the adjusted average balance sheet
Interest
income
09
10
11
Interest
expenses
Return
on
equity
instruments
and non
interest
income
4
Net interest
income
Of
Opera- which:
ting
expenStaff
ses:
costs
Other Adjusoperated
ting
net
income income
Gross
income
Percentages
Other
net
income
Profit
before
tax
Average
return
on own
funds
Average
return
on lending
operations
(b)
Average
cost of
borrowing
operations
(b)
13
14
(a)
9
10
11
12
Difference
(12-13 )
15
2.8
2.5
2.8
1.4
1.6
1.8
1.4
1.0
1.0
0.9
1.1
1.1
2.2
2.1
2.1
1.0
1.0
0.9
0.6
0.6
0.5
0.8
0.7
1.1
0.5
0.4
0.1
0.8
0.5
0.7
-0.2
0.1
-0.7
8.0
5.4
-1.4
3.6
2.7
2.9
2.3
1.6
2.1
1.3
1.1
0.9
3.5
3.0
2.8
2.1
1.6
1.4
1.5
1.4
1.4
0.9
0.7
0.9
2.4
2.1
2.2
0.9
0.9
1.0
0.6
0.6
0.6
0.8
0.6
0.8
0.7
0.5
0.5
0.2
0.3
0.8
0.6
0.7
-0.2
10.0
9.9
8.0
4.7
4.2
3.6
3.5
2.9
2.3
1.2
1.3
1.3
2.5
2.5
2.5
2.5
1.3
1.3
1.4
1.6
1.2
1.2
1.1
1.0
0.8
1.1
0.9
1.1
2.0
2.3
1.9
2.1
0.9
0.9
0.9
1.0
0.6
0.6
0.6
0.6
0.6
0.8
0.6
0.7
0.5
0.5
0.4
0.4
0.1
0.2
0.2
0.5
0.4
0.4
0.3
0.1
6.6
5.7
4.0
5.4
3.2
2.9
2.7
2.7
1.9
1.6
1.6
1.6
1.3
1.3
1.2
1.1
Q2
Q3
Q4
2.6
2.7
2.8
2.8
1.6
1.8
1.8
1.8
1.0
1.0
0.9
1.0
0.8
1.1
0.6
1.1
1.8
2.0
1.5
2.1
0.9
1.0
0.9
0.9
0.6
0.6
0.5
0.5
0.4
0.8
0.5
1.1
0.4
0.3
0.1
0.1
0.1
0.1
0.3
0.7
0.4
0.2
-0.3
-0.7
5.2
4.1
1.7
-1.4
2.7
2.8
2.8
2.9
1.7
1.8
2.0
2.1
1.0
0.9
0.9
0.9
12 Q1
2.7
1.7
1.0
0.8
1.8
0.9
0.5
0.8
0.1
0.2
0.1
-2.3
3.0
2.1
0.9
09 Q2
Q3
Q4
10 Q1
Q2
Q3
Q4
11 Q1
PROFIT AND LOSS ACCOUNT

Percentages of the adjusted average balance sheet
PROFIT AND LOSS ACCOUNT

Percentages of the adjusted average balance sheet and returns
GROSS INCOME
GROSS INCOME (c)
NET INTEREST INCOME
NET INTEREST INCOME (c)
ADJUSTED NET INCOME
ADJUSTED NET INCOME (c)
PROFIT BEFORE TAX
PROFIT BEFORE TAX (c)
RETURN ON OWN FUNDS (c)

INTEREST INCOME (c)
INTEREST EXPENSES (c)
DIFF. BETWEEN AVERAGE RETURN AND COST
22
22
20
20
18
18
16
16
14
14
12
12
10
10
2008
2009
2010
2011
2012
-1
2008
2009
2010
2011
2012
Source: BE.
Note: The underlying series for this indicator are in Table 4.36 of the BE Boletn estadstico.
a. Profit before tax divided by own funds.
b. Only those financial assets and liabilities which respectively give rise to financial income and costs have been considered to calculate the averge return and cost.
c. Average of the last four quarters.
BANCO DE ESPAA
55*
-1
8.11. MUTUAL FUNDS RESIDENT IN SPAIN
EUR millions
Total
Money-market funds
Of which
Net
asset
value
Fixed-income funds (a)
Of which
Monthly
change
Return
Net
over
funds
last
inves12
ted
months
Net
asset
value
Of which
Monthly
change
Return
Net
over
funds
last
inves12
ted
months
Return
Net
over
funds
last
inves12
ted
months
10
11
262 201 26 113 14 270

270 407
8 206-10 861
256 055 -14 352-22 008
5.1
5.4
2.6
07 Aug
Sep
Oct
Nov
Dec
275 016
270 736
267 586
261 331
256 055
-242
-5 439
-6 069
-4 310
-4 537
5.3
4.8
4.8
3.8
2.6
...
...
...
...
...
193 565
192 289
189 387
188 057
185 963
3 073
-1 277
-2 902
-1 330
-2 094
08 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
244 286 -11 769 -6 863

240 462 -3 824 -4 123
235 174 -5 288 -3 933
231 723 -3 451 -5 458
226 535 -5 187 -5 542
215 574 -10 961 -7 355
208 593 -6 982 -7 186
205 707 -2 886 -7 138
198 665 -7 042 -5 892
185 428 -13 237-11 680
180 835 -4 593 -4 363
-0.3
0.0
-1.1
-0.7
-1.3
-2.8
-2.4
-1.8
-3.3
-5.2
-4.6
35 111
36 169
37 340
36 428
35 029
33 849
32 589
32 125
30 927
29 165
28 810
35 111
1 058
1 171
-912
-1 400
-1 180
-1 260
-464
-1 198
-1 762
-355
1 027
-10
-369
-909
-1 590
-1 569
-1 628
-549
-1 176
-1 796
-427
...
...
...
...
...
...
...
...
...
...
...
151 093
148 946
147 530
145 511
142 921
137 444
135 012
134 723
131 932
126 590
124 111
-34 870
-2 147
-1 415
-2 019
-2 590
-5 476
-2 433
-289
-2 791
-5 342
-2 479
NET ASSET VALUE
EUR m
EUR m
280000
260000
260000
240000
240000
220000
220000
200000
200000
180000
180000
160000
160000
140000
140000
120000
120000
100000
100000
80000
80000
60000
60000
40000
40000
20000
20000
2005
12
1.2 143 047 15 312 12 061

2.0 191 002 47 954 39 212
... 185 963 -5 039 -8 287
Net
asset
value
13
Monthly
change
Return
Net
over
funds
last
inves12
ted
months
14
15
16
2006
2007
2008
30
17
20.0 23 730
18.2 33 934
3.6 30 643
2 697
-1 624
-3 907
-1 536
-1 919
3.3
3.1
3.1
2.9
2.6
46 136
44 560
44 816
41 620
39 449
-2 060
-1 576
255
-3 196
-2 171
-1 421
-1 877
-1 196
-1 640
-1 417
14.7
12.1
12.5
8.3
3.6
35 314
33 887
33 383
31 654
30 643
531
-1 376
-1 658
-2 512
-2 562
-3 950
-2 798
-711
-2 863
-7 323
-2 854
2.0
2.0
1.5
1.4
1.0
0.4
0.7
0.8
0.3
-0.2
0.1
30 184
28 813
27 214
27 622
27 159
24 008
22 309
21 922
19 242
15 756
14 708
-9 265
-1 371
-1 599
409
-464
-3 150
-1 699
-388
-2 680
-3 486
-1 048
-5 341
-1 319
-906
-839
-627
-753
-1 354
-5 444
-972
-959
-496
-9.4
-8.0
-12.0
-9.5
-12.0
-19.1
-19.0
-17.6
-24.7
-36.5
-36.5
27 898
26 534
23 090
22 161
21 427
20 273
18 683
16 938
16 564
13 917
13 207
TOTAL
FIXED-INCOME FUNDS (a)
MONEY-MARKET FUNDS
EQUITY FUNDS (b)
56*
30
20
10
10
-10
-10
-20
-20
-30
-30
2005
2006
2007
SOURCES: CNMV and Inverco.

a. Includes short and long-term fixed-income funds in euros and international, mixed fixed-income funds in euros and international and guaranteed funds.
b. Includes equity funds and mixed equity funds in euros, national and international.
c. Global funds.
BANCO DE ESPAA
20
-40
Net
asset
value
2.8 40 672 8 649 2 303

2.8 45 365 4 693 -2 189
2.6 39 449 -5 916 -7 179
RETURN OVER LAST 12 MONTHS
TOTAL
FIXED-INCOME FUNDS (a)
MONEY-MARKET FUNDS
EQUITY FUNDS (b)
280000
Of which
Monthly
change
05
06
07
-19
-4 279
-3 151
-6 255
-5 276
54 751 -3 237 -3 881

106 -54 645-55 113
-106 -106
Net
asset
value
Others
funds
(c)
Equity funds (b)
2008
-40
8.12. SHARE PRICE INDICES AND TURNOVER ON SECURITIES MARKETS. SPAIN AND EURO AREA
Indices, EUR millions and thousands of contracts

Share price indices
General
Madrid
Stock
Exchange
Turnover on securities markets
Dow Jones
EURO STOXX indices
10
11
12
11 May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
50
Equities
5
Indices
2 737.05 1 038 259

2 646.26 926 265
2 357.15 479 164
67 454
70 978
40 767
1 066.37 10 476.00
1 049.76 10 359.90
973.30 9 630.70
881.40 8 718.60
862.85 8 546.60
901.18 8 954.90
845.97 8 449.50
857.65 8 566.30
282.60
279.46
262.76
228.82
214.77
232.83
226.68
225.78
2 861.92
2 848.53
2 670.37
2 302.08
2 179.66
2 385.22
2 330.43
2 316.55
82 857
73 411
104 705
70 892
58 839
78 397
68 702
59 425
7 455
4 294
6 551
5 279
5 331
4 071
13 191
4 652
659 698
667 286
617 918
633 792
617 152
564 362
545 551
441 925
237.81
248.09
247.21
233.02
213.87
226.42
232.34
241.70
2 416.66
2 512.11
2 477.28
2 306.43
2 118.94
2 264.72
2 325.72
2 440.71
70 057
45 692
61 373
65 798
70 119
62 049
70 446
33 630
4 595
5 239
5 458
5 699
6 897
3 875
5 057
3 945
475 268
509 249
727 917
683 752
732 309
335 123
339 550
336 718
8 509.20
8 465.90
8 008.00
7 011.00
6 089.80
7 102.20
6 738.10
7 420.50
Shares
and other
equities
10
Fixedincome
4 597 749 3 660 872

6 911 206 5 448 503
4 139 886 1 614 417
Financial futures
(thousands of
contracts)
Shares
and other
equities
12
Fixedincome
11
37 904
29 630
22 052
6 639
5 591
3 740
405 338
454 088
393 327
473 063
323 864
463 770
377 003
385 388
...
...
...
...
...
...
...
...
2 267
2 579
1 292
1 523
3 030
1 994
2 949
4 211
...
...
...
...
...
...
...
...
446
495
524
602
441
356
367
283
392 335
197 260
166 605
79 682
140 899
277 867
167 029
192 740
...
...
...
...
...
...
...
...
2 990
1 977
4 527
1 710
2 419
4 246
2 140
2 044
...
...
...
...
...
...
...
...
304
327
441
587
626
566
515
374
TURNOVER ON SECURITIES MARKETS
MADRID STOCK EXCHANGE INDEX

IBEX-35
DJ EURO STOXX BROAD
DJ EURO STOXX 50
Indices
360
340
340
320
320
300
300
280
280
260
260
240
240
220
220
200
200
180
180
160
160
140
140
120
120
100
262.35
258.92
234.99
SHARE PRICE INDICES

JAN 1994 = 100
360
Bonds
1 053.39 10 203.05
986.15 9 727.31
748.02 7 412.46
855.17
852.45
807.46
707.48
617.23
718.49
680.53
749.84
Financial options
(thousands of
contracts)
AIAF
fixedincome
market
Book-entry
government
debt
IBEX
35
Broad
Stock market
2009
2010
2011
2012
100
BOOK-ENTRY GVT. DEBT

EQUITIES
AIAF
EUR M
EUR M
800000
800000
700000
700000
600000
600000
500000
500000
400000
400000
300000
300000
200000
200000
100000
100000
2009
2010
2011
2012
Sources: Madrid, Barcelona, Bilbao and Valencia Stock Exchanges (columns 1, 2, 5 and 6); Reuters (columns 3 and4); AIAF (column 8) and Spanish Financial Futures
Market (MEFFSA) (columns 9 to 12)
BANCO DE ESPAA
57*
9.1. INTEREST RATES. EUROSYSTEM AND MONEY MARKET. EURO AREA AND SPAIN
Averages of daily data. Percentages per annum
Eurosystem monetary policy

operations
Money market
Main
Longer
Standing
refinanterm
facilities
cing ope- refinanrations: cing opeweekly
rations:
tenders
monthly Margintenders
al
lending Deposit
1
10
11
12
Euro area: deposits

(Euribor) (a)
Spain
Overnight 1-month 3-month 6-month 1-year

(EONIA)
5
Non-transferable deposits
Govermment-securities
repos
Over- 1-month 3-month 6-month 1-year

night
10
11
12
13
14
Over- 1-month 3-month 1-year

night
15
16
17
18
1.00
1.00
0.75
1.00
1.00
0.75
1.75
1.75
1.50
0.25 0.437
0.25 0.871
- 0.301
0.57
1.18
0.43
0.81
1.39
0.75
1.08
1.64
1.04
1.35
2.01
1.35
0.46
1.02
0.31
0.71
1.33
0.68
0.87
1.34
1.06
1.04
1.57
-
1.36
2.64
1.72
0.39
0.88
0.23
0.57
1.17
0.37
0.74
1.39
0.54
0.98
2.04
1.00
11 May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1.25
1.25
1.50
1.50
1.50
1.50
1.25
1.00
1.25
1.25
1.50
1.50
1.50
1.50
1.25
1.00
2.00
2.00
2.25
2.25
2.25
2.25
2.00
1.75
0.50
0.50
0.75
0.75
0.75
0.75
0.50
0.25
1.033
1.124
1.012
0.906
1.005
0.960
0.790
0.627
1.24
1.28
1.42
1.37
1.35
1.36
1.23
1.14
1.43
1.49
1.60
1.55
1.54
1.58
1.48
1.43
1.71
1.75
1.82
1.76
1.74
1.78
1.71
1.67
2.15
2.14
2.18
2.10
2.07
2.11
2.04
2.00
1.03
1.20
1.08
1.06
1.27
1.40
1.38
0.81
1.43
1.39
1.47
1.39
1.60
1.52
1.30
1.38
1.43
1.49
1.45
1.68
1.46
-
1.72
1.72
1.82
-
2.23
3.10
3.10
3.10
3.10
-
0.99
1.12
1.00
0.93
1.00
1.06
1.01
0.64
1.16
1.25
1.48
1.37
1.23
1.30
1.28
1.08
1.25
1.44
1.67
1.49
1.37
1.44
1.65
1.77
1.77
2.00
3.34
1.00
-
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
1.00
1.00
1.00
1.00
1.00
1.00
0.75
0.75
1.00
1.00
1.00
1.00
1.00
1.00
0.75
0.75
1.75
1.75
1.75
1.75
1.75
1.75
1.50
1.50
0.25
0.25
0.25
0.25
0.25
0.25
-
0.380
0.366
0.357
0.345
0.337
0.332
0.184
0.110
0.84
0.63
0.47
0.41
0.39
0.38
0.22
0.13
1.22
1.05
0.86
0.74
0.68
0.66
0.50
0.33
1.51
1.35
1.16
1.04
0.97
0.94
0.78
0.61
1.84
1.68
1.50
1.37
1.27
1.22
1.06
0.88
0.34
0.35
0.31
0.31
0.34
0.41
0.24
0.21
1.14
0.84
0.50
0.48
0.54
0.83
0.51
0.59
1.16
1.07
0.94
-
1.72
-
0.24
0.27
0.17
0.20
0.25
0.32
0.20
0.15
0.37
0.28
0.16
0.21
0.32
0.77
0.45
0.45
0.50
0.53
0.60
0.45
0.61
0.93
0.15
-
1.00
-
EUROSYSTEM: MONETARY POLICY OPERATIONS

AND EURO AREA OVERNIGHT DEPOSITS
MARGINAL LENDING FACILITY

EURO AREA OVERNIGHT (EONIA)
MAIN REFINANCING OPERATIONS
DEPOSIT FACILITY
INTERBANK MARKET: EURO AREA

3-MONTH AND 1-YEAR RATES
EURO AREA 12 MONTHS

EURO AREA 3 MONTHS
%
2009
2010
2011
2012
2009
Source: ECB (columns 1 to 8).

a. To December 1998, synthetic euro area rates have been calculated on the basis of national rates weighted by GDP
BANCO DE ESPAA
58*
2010
2011
2012
9.2. INTEREST RATES: SPANISH SHORT-TERM AND LONG-TERM SECURITIES MARKETS
Percentages per annum

One-year Treasury
bills
Marginal
rate at
issue
10
11
12
One-year commercial
paper
Secondary
market:
outright
spot
purchases
between
market
members
Long-term securities
Rate
at
issue
Central Government debt
Secondary
market:
outright
spot
purchases
Marginal rate at issue
3-year
bonds
5-year
bonds
6
10-year
bonds
7
Private
bonds with
a maturity
of over
two years
traded on
the AIAF
Secondary market.
Book-entry debt.
Outright spot
purchases between
market members
15-year
bonds
30-year
bonds
At
3-years
10
At
10-years
11
12
1.80
3.31
2.98
1.70
3.04
2.77
1.32
1.95
2.57
1.62
3.11
3.11
2.79
4.11
4.20
3.27
4.64
5.01
4.51
5.55
5.97
4.97
5.99
-
5.11
5.96
-
2.64
3.97
4.13
4.25
5.44
5.95
3.74
5.00
6.05
11 May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2.57
2.73
3.76
3.40
3.65
3.69
5.20
4.09
2.51
2.69
3.29
3.25
3.33
3.47
4.75
3.45
2.19
2.80
3.10
3.50
3.34
3.44
3.53
3.66
4.05
4.32
4.90
3.52
4.36
5.20
4.56
4.25
4.89
4.52
4.89
5.56
5.41
5.37
5.92
5.05
5.20
5.45
7.09
5.57
6.04
6.22
-
6.01
-
3.97
4.07
4.50
3.98
3.76
3.89
5.07
4.02
5.32
5.48
5.82
5.25
5.20
5.25
6.19
5.50
5.43
5.03
5.23
4.56
4.12
4.13
5.78
5.21
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2.15
1.95
1.47
2.74
3.10
5.20
3.99
3.21
2.04
1.63
1.43
2.42
3.27
4.18
4.05
3.09
2.83
2.44
2.56
2.44
3.65
3.42
3.23
3.08
3.05
3.18
2.52
2.74
3.58
3.13
2.52
3.52
5.13
5.51
5.30
4.85
3.95
3.70
4.24
4.37
4.98
6.20
6.54
6.06
5.47
4.90
5.78
6.12
6.80
6.71
3.34
2.95
2.76
3.62
4.52
5.39
5.61
4.82
5.40
5.11
5.17
5.79
6.13
6.59
6.79
6.58
5.95
4.79
4.43
5.26
5.36
6.24
7.92
8.30
SECONDARY MARKET
PRIMARY MARKET
3-YEAR CENTRAL GOVERNMENT DEBT

10-YEAR CENTRAL GOVERNMENT DEBT
PRIVATE BONDS WITH MATURITY OVER 2 YEARS
ONE-YEAR COMMERCIAL PAPER

ONE-YEAR TREASURY BILLS
9
2009
2010
2011
2012
Sources: Main issuers (column 3); AIAF (columns 4 and 12).
BANCO DE ESPAA
59*
2009
2010
2011
2012
9.3. INTEREST RATES ON NEW BUSINESS. CREDIT INSTITUTIONS. (CBE 4/2002)

SDDS (a)
Percentages
Loans (APRC) (b)
Synthetic
rate
(d)
Households and NPISH
Synthetic
rate
10
11
12
House
purchase
Consumption
and
other
Deposits (NDER) (b)

Non-financial
corporations
Synthetic
rate
Synthetic
rate
(d)
Up to
EUR 1
million
Over
EUR 1
million
(c)
Households and NPISH
Synthetic
rate
Overnight
and redeemable at
notice
10
Time
11
Non-financial corporations
Repos
Synthetic
rate
12
13
Overnight
14
Time
Repos
15
16
3.40
4.27
4.03
3.56
4.51
4.26
2.66
3.66
3.34
6.35
7.29
7.32
3.24
4.02
3.80
4.40
5.39
5.70
2.73
3.51
2.98
1.60
1.63
1.40
1.70
1.72
1.48
0.27
0.28
0.24
2.74
2.79
2.44
1.21
0.86
0.72
1.29
1.32
1.05
0.68
0.61
0.49
1.98
2.13
1.77
0.79
1.00
0.58
10 Dec
3.40
3.56
2.66
6.35
3.24
4.40
2.73
1.60
1.70
0.27
2.74
1.21
1.29
0.68
1.98
0.79
11 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
3.64
3.87
3.89
4.09
4.07
3.96
4.19
4.26
4.23
4.33
4.23
4.27
3.92
4.05
4.09
4.22
4.34
4.28
4.42
4.55
4.54
4.62
4.56
4.51
2.92
3.07
3.15
3.31
3.46
3.53
3.58
3.68
3.67
3.75
3.72
3.66
7.04
7.09
7.04
7.13
7.13
6.64
7.10
7.38
7.34
7.47
7.22
7.29
3.36
3.69
3.70
3.95
3.80
3.65
3.96
3.96
3.93
4.05
3.91
4.02
4.58
4.81
4.90
5.01
5.08
5.09
5.23
5.18
5.19
5.34
5.36
5.39
2.79
3.10
3.06
3.37
3.12
3.08
3.29
3.36
3.27
3.31
3.16
3.51
1.59
1.57
1.60
1.64
1.71
1.72
1.65
1.57
1.65
1.64
1.65
1.63
1.67
1.65
1.69
1.72
1.79
1.81
1.72
1.64
1.73
1.72
1.73
1.72
0.29
0.29
0.30
0.30
0.31
0.30
0.30
0.33
0.30
0.30
0.29
0.28
2.66
2.61
2.68
2.73
2.83
2.91
2.75
2.57
2.74
2.72
2.77
2.79
1.18
1.29
0.81
1.24
1.16
1.23
1.23
1.12
1.14
1.22
1.16
0.86
1.33
1.30
1.32
1.38
1.45
1.45
1.41
1.32
1.38
1.36
1.33
1.32
0.58
0.57
0.59
0.63
0.65
0.64
0.64
0.65
0.63
0.66
0.63
0.61
2.14
2.10
2.12
2.23
2.32
2.34
2.27
2.04
2.20
2.10
2.13
2.13
0.77
0.71
0.74
1.03
1.01
1.18
1.13
0.98
1.10
1.20
1.19
1.00
12 Jan
Feb
Mar
Apr
May
Jun
Jul
4.20
4.30
4.17
4.25
4.27
4.08
4.03
4.75
4.72
4.59
4.43
4.39
4.26
4.26
3.80
3.82
3.74
3.53
3.47
3.40
3.34
7.86
7.70
7.41
7.48
7.46
7.04
7.32
3.65
3.88
3.75
4.06
4.15
3.91
3.80
5.52
5.42
5.49
5.82
5.56
5.58
5.70
2.96
3.14
2.96
3.21
3.60
3.36
2.98
1.61
1.57
1.49
1.40
1.33
1.34
1.40
1.73
1.66
1.58
1.49
1.41
1.41
1.48
0.27
0.26
0.28
0.27
0.26
0.26
0.24
2.78
2.66
2.53
2.37
2.26
2.31
2.44
0.51
0.49
0.39
0.58
0.64
0.77
0.72
1.20
1.23
1.16
1.07
1.02
1.06
1.05
0.60
0.60
0.56
0.54
0.51
0.52
0.49
1.91
1.94
1.88
1.68
1.69
1.79
1.77
0.49
0.50
0.51
0.60
0.48
0.64
0.58
LOANS
SYNTHETIC RATES
8.0
DEPOSITS
SYNTHETIC RATES
TOTAL
HOUSEHOLDS
%
8.0
7.0
7.0
6.0
6.0
5.0
5.0
4.0
4.0
3.0
3.0
2.0
1.0
2.0
2009
2010
2011
1.0
3.4
TOTAL
HOUSEHOLDS
%
3.4
3.2
3.2
3.0
3.0
2.8
2.8
2.6
2.6
2.4
2.4
2.2
2.2
2.0
2.0
1.8
1.8
1.6
1.6
1.4
1.4
1.2
1.2
1.0
1.0
0.8
0.8
0.6
2009
2010
2011
0.6
Source: BE.
a. This table is included among the IMFs requirements to meet the Special Data Dissemination Standards (SDDS)
b. APRC: annual percentage rate of charge. NEDR: narrowly defined effective rate, which is the same as the APRC without including commissions.
c. Calculated by adding to the NDER rate, which does not include commissions and other expenses, a moving average of such expenses.
d. The synthetic rates of loans and deposits are obtained as the average of the interest rates on new business weighted by the euro-denominated stocks included in the balance
sheet for all the instruments of each sector.
e. Up to the reference month May 2010, this column includes credit granted through credit cards (see the Changes note in the July-August 2010 Boletn Estadstico).
BANCO DE ESPAA
60*
9.4 INDICES OF SPANISH COMPETITIVENESS VIS--VIS THE EU-27 AND THE EURO AREA
Base 1999 QI = 100

Vis--vis the EU-27
Total (a)
Based on Based on Based on

producer consumer total unit
prices
prices
labour
costs
(d)
1
09
10
11
Based on
export
unit
values
4
Vis--vis the euro area
Price component (c)

Nominal
component
(b)
Based on Based on Based on Based on
producer consumer total unit
export
prices
prices
labour
unit
costs
values
(d)
Based on Based on Based on Based on Based on

producer consumer total unit manufactu
export
prices
prices
labour
ring unit
unit
costs
labour
values
(d)
costs
(d)
10
11
12
13
14
107.5
106.8
106.8
110.5
110.0
110.2
111.9
109.2
106.5
102.1
102.3
101.8
102.6
101.9
101.9
104.7
104.8
104.9
107.6
108.0
108.2
109.1
107.2
104.5
99.5
100.5
99.9
106.9
106.8
107.0
109.4
110.0
110.4
111.8
110.2
107.5
113.1
111.9
109.8
103.3
104.2
103.8
106.3
106.4
109.5
110.6
109.0
108.4
102.5
101.9
101.6
101.8
104.6
104.6
107.7
108.7
107.3
106.5
100.9
100.1
106.5
106.5
109.8
110.8
110.3
109.5
112.1
113.9
104.4
103.7
106.7
106.8
106.9
106.9
109.5
110.9
109.9
110.6
107.2
107.3
106.1
105.4
102.2
102.4
102.0
100.7
101.6
101.8
102.0
102.1
105.1
104.9
104.8
104.6
107.8
108.8
107.8
108.3
105.5
105.4
104.0
103.2
100.6
100.5
100.0
98.6
107.0
107.0
107.0
106.9
110.1
111.1
110.0
110.5
108.5
108.3
107.0
106.1
106.4
109.0
111.1
112.6
104.2
104.5
104.0
102.6
106.7
106.5
108.6
109.8
103.6
102.7
102.1
...
101.7
101.5
104.9
104.9
106.8
108.1
101.9
101.2
100.3
...
107.1
107.2
109.1
110.4
104.9
104.2
109.3
108.9
104.3
...
11 Nov
Dec
106.9
106.7
110.8
110.3
...
105.4
101.6
99.7
102.2
102.0
104.7
104.5
108.4
108.1
...
103.2
99.4
97.7
107.0
106.9
110.7
110.4
...
106.1
...
112.6
103.4
101.7
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
106.7
106.5
106.8
106.7
106.4
106.4
...
...
108.8
107.9
109.2
109.9
109.7
109.6
108.7
...
...
...
103.6
...
...
102.7
...
...
101.9
102.3
102.1
101.2
...
...
...
...
101.8
101.7
101.6
101.6
101.5
101.5
101.2
101.0
104.8
104.8
105.1
105.0
104.9
104.8
...
...
106.8
106.1
107.4
108.2
108.1
108.0
107.4
...
...
...
101.9
...
...
101.2
...
...
100.1
100.6
100.4
99.6
...
...
...
...
107.0
107.0
107.3
107.3
107.1
107.1
...
...
109.2
108.4
109.7
110.5
110.4
110.3
109.7
...
...
...
104.9
...
...
104.2
...
...
...
...
109.3
...
...
108.9
...
...
104.1
104.5
104.4
103.4
...
...
...
...
10 Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
INDICES OF SPANISH COMPETITIVENESS VIS VIS THE EU-27
WITH PRODUCER PRICES

WITH CONSUMER PRICES
WITH EXPORT UNIT VALUES
Indices
INDICES OF SPANISH COMPETITIVENESS VIS VIS THE EURO AREA
Indices

WITH EXPORT UNIT VALUES
Indices
Indices
112
112
111
111
111
111
110
110
110
110
109
109
109
109
108
108
108
108
107
107
106
106
107
107
105
105
106
106
104
104
105
105
103
103
104
104
102
102
103
103
101
101
102
102
100
100
99
101
101
98
100
112
99
98
2009
2010
2011
2012
2009
2010
2011
Source: BE.
a. Outcome of multiplying nominal and cost/price components. A decline in the index denotes an improvement in the competitiveness of Spanish products.
b. Geometric mean calculated using a double weighting system based on (1995-1997), (1998-2000), (2001-2003),
and (2004-2006) manufacturing foreign trade figures.
c. Relationship between the price indices of Spain and of the group.
d. Quarterly series. Indices for Spain have been calculated using data for Unit Labour Costs (total and manufacturing) compiled from Quarterly Spanish
National Accounts. Base 2008. Source INE.
BANCO DE ESPAA
61*
112
2012
100
9.5 INDICES OF SPANISH COMPETITIVENESS VIS--VIS THE DEVELOPED COUNTRIES AND INDUSTRIALISED COUNTRIES
Base 1999 QI = 100

Vis--vis developed countries
Vis--vis industrialised countries
Total (a)
Based on
producer
prices
110.5
109.1
109.2
114.0
112.9
113.1
120.4
116.6
113.6
104.2
103.7
103.3
103.4
101.9
101.7
106.9
107.1
107.3
110.2
110.8
111.2
116.4
114.4
111.6
100.7
101.8
101.6
111.0
108.2
108.7
115.0
112.7
112.7
104.4
101.9
101.8
106.4
106.2
106.7
110.2
110.6
110.7
108.3
108.8
112.0
113.6
116.0
118.2
103.7
103.3
101.2
101.8
107.0
106.9
110.6
111.6
114.6
116.1
102.4
101.5
107.1
108.0
111.4
113.3
101.0
101.8
106.1
106.1
110.4
111.2
109.3
109.8
109.2
108.7
112.6
114.4
112.7
112.8
109.9
113.3
115.0
116.0
103.8
104.3
103.5
101.9
101.6
102.3
101.8
101.3
107.5
107.3
107.3
107.3
110.8
111.9
110.7
111.4
108.2
110.8
113.0
114.5
102.1
101.9
101.7
100.6
108.6
109.6
108.8
107.7
112.2
114.5
112.3
111.9
101.6
102.7
102.0
101.1
106.9
106.7
106.7
106.6
110.4
111.5
110.2
110.8
108.4
108.0
110.8
111.8
112.1
111.2
103.0
...
100.7
100.3
107.6
107.6
110.0
111.4
111.3
110.9
102.3
...
107.1
106.6
109.4
110.3
100.1
99.6
107.0
107.0
109.3
110.7
11 Nov
Dec
108.8
108.2
113.1
112.3
...
116.0
102.7
100.8
101.4
100.9
107.3
107.2
111.6
111.3
...
114.5
101.3
99.9
108.0
107.1
112.2
111.2
101.2
100.5
106.7
106.6
110.9
110.6
12 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
108.0
108.3
108.7
108.5
107.9
107.6
...
...
110.5
110.1
111.7
112.3
111.7
111.4
110.2
...
...
...
112.1
...
...
111.2
...
...
102.4
103.4
103.2
102.2
...
...
...
...
100.5
100.8
100.9
100.7
100.3
100.0
99.6
99.6
107.5
107.5
107.7
107.8
107.6
107.6
...
...
110.0
109.3
110.7
111.5
111.4
111.3
110.7
...
...
...
111.3
...
...
110.9
...
...
101.9
102.6
102.2
101.4
...
...
...
...
106.6
107.1
107.5
107.4
106.4
105.9
...
...
108.9
108.8
110.4
111.1
110.2
109.6
108.2
...
99.8
100.2
100.4
100.2
99.5
99.2
98.5
98.6
106.8
106.9
107.2
107.2
107.0
106.8
...
...
109.2
108.6
110.0
110.9
110.7
110.6
109.9
...
09
10
11
10 Q3
Q4
11 Q1
Q2
Q3
Q4
12 Q1
Q2
Prices component (c)

Total (a)
Prices component(c)
Nominal
Nominal
componcomponBased on Based on
Based on
ent
Based on Based on Based on Based on
Based on Based on
ent
Based on Based on
consumer manufac - export unit
(b)
producer consumer manufac - export unit producer consumer
(b)
producer consumer
prices
turing unit
values
prices
prices
turing unit
values
prices
prices
prices
prices
labour costs
labour costs
(d)
(d)
2
3
4
5
6
7
8
9
10
11
12
13
14
INDICES OF SPANISH COMPETITIVENESS VIS--VIS THE DEVELOPED COUNTRIES

WITH EXPORT UNITS VALUES
NOMINAL COMPONENT
Indices
Indices
INDICES OF SPANISH COMPETITIVENESS VIS--VIS THE INDUSTRIALISED COUNTRIES

NOMINAL COMPONENT
Indices
Indices
116
118
118
114
114
116
116
112
112
114
114
112
112
110
110
110
110
108
108
108
108
106
106
106
106
104
104
102
102
100
100
116
104
104
102
102
100
100
98
96
2009
2010
2011
2012
98
98
96
96
98
2009
2010
2011
Source: BE.
a. Outcome of multiplying nominal and cost/price components. A decline in the index denotes an improvement in the competitiveness of Spanish products.
b. Geometric mean calculated using a double weighting system based on (1995-1997), (1998-2000), (2001-2003),
and (2004-2006) manufacturing foreign trade figures.
c. Relationship between the price indices of Spain and of the group.
d. Quarterly series. Indices for Spain have been calculated using data for Unit Labour Costs (total and manufacturing) compiled from Quarterly Spanish
National Accounts. Base 2008. Source INE.
BANCO DE ESPAA
62*
2012
96

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CONTENTS

Gross domestic product. Volume chain-linked indices, reference

year 2008 = 100. Demand components. Spain and euro area

Gross domestic product. Volume chain-linked indices, reference

year 2008 = 100. Demand components. Spain: breakdown

Gross domestic product. Volume chain-linked indices, reference

year 2008 = 100. Branches of activity. Spain

Gross domestic product. Implicit deflators. Spain

International comparison. Gross domestic product at constant prices

International comparison. Unemployment rates

International comparison. Consumer prices

10-year government bond yields on domestic markets

International markets: non-energy commodities price index. Crude oil

Indicators of private consumption. Spain and euro area

Investment in industry (excluding construction): opinion surveys. Spain 16*

Construction. Indicators of building starts and consumption of cement.

Industrial production index. Spain and euro area

Monthly business survey: industry and construction. Spain and euro

Business survey: capacity utilisation. Spain and euro area

Tourism and transport statistics. Spain

Labour force. Spain

Employment and wage-earners. Spain and euro area

Employment by branch of activity. Spain

Wage-earners by type of contract and unemployment by duration.

Registered unemployment by branch of activity. Contracts and

Official intervention interest rates and short-term interest rates

and gold price

indices for the euro, US dollar and Japanese yen

Collective bargaining agreements

Quarterly labour costs survey

Unit labour costs. Spain and euro area

ECONOMIC BULLETIN, SEPTEMBER 2012 ECONOMIC INDICATORS

Consumer price index. Spain (2006 = 100)

Producer price index. Spain and euro area (2005=100)

Unit value indices for Spanish foreign trade

State resources and uses according to the National Accounts. Spain

State financial transactions. Spain1

State: liabilities outstanding. Spain1

Spanish balance of payments vis--vis other euro area residents

Spanish balance of payments vis--vis other euro area residents

Spanish international investment position vis--vis other euro area

Spanish international investment position vis--vis other euro area

Spanish reserve assets (BE)

of the world. Summary1 (BE)

Consolidated balance sheet of the Eurosystem, and balance sheet

Cash and cash equivalents, other liabilities of credit institutions and

Cash and cash equivalents, other liabilities of credit institutions and

Financing of non-financial corporations, resident in Spain (BE)

Financing of households and NPISHs resident in Spain (BE)

Gross financing of Spains general government (BE)

Lending by credit institutions to other resident sectors. Breakdown

Mutual funds resident in Spain

resident in Spain (BE)

IMF Special Data Dissemination Standard (SDDS).

ECONOMIC BULLETIN, SEPTEMBER 2012 ECONOMIC INDICATORS

Interest rates: Spanish short-term and long-term securities markets1

Interest rates on new business. Credit institutions (CBE 4/2002) (BE)

Indices of Spanish competitiveness vis--vis the EU-27 and the euro