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Spain unemployment rate 11.6% (consensus 13.8) in Q2-23

- Spain's unemployment rate in the second quarter of 2023 stood at 11.6%, surpassing the consensus forecast of 13.8% and reflecting a positive labor market performance.
- This figure represents the lowest unemployment level since the third quarter of 2008, indicating a return to pre-financial crisis levels. Additionally, the current rate is 1.00 percentage point below the one-year average and 4.70 percentage points lower than the long-run average, demonstrating the ongoing recovery and progress towards more sustainable unemployment levels in Spain.

Spain HICP inflation 1.6% y-o-y in Jun-23

- Spain's HICP inflation rate dropped to 1.6% year-on-year in June 2023, marking the lowest level since March 2021 and a significant decline from the previous month's rate of 2.94%.
- The current inflation rate is 4.48 percentage points below the one-year average and 0.98 percentage points below the long-run average, suggesting a deviation from recent trends and a prolonged period of consistently low inflation.

Spain GDP growth 0.59% q-o-q (consensus 0.5) in Q1-23

- Spain's GDP growth in Q1-23 surpassed expectations, expanding by 0.59% q-o-q, the highest rate since Q2-22.
- Despite falling short of the one-year average by 0.44 pp, this growth rate remained above the long-run average by 0.09 pp.

Spain PMI composite 55.2 in May-23

- Spain's PMI composite recorded a slightly lower reading of 55.2 in May 2023, indicating a moderation in economic expansion.
- Despite the decline, the PMI composite remains above 50, indicating continued economic growth. The current reading is also higher than the one-year average, signaling positive progress in Spain's economic recovery.