World Economy/Spain

🇪🇸

Spain

ESP

Europe • Sovereign Currency: EUR

Analyze Spain with Schema AI

Nominal GDP

$1.65T

2024

Annual GDP Growth

+3.4%

YoY Q3 2024

Inflation (CPI)

1.8%

Oct 2024 YoY

Policy Rate

3.25%

ECB Deposit Rate

10Y Sovereign Yield

3.10%

10Y Bonos

Unemployment Rate

11.2%

Q3 2024

Debt-to-GDP

105.3%

2024

Trade Balance

$-3.2B

Sep 2024

BLOOMBERG ECONOMICS MONETARY POLICY TRANSMISSION

🇪🇸EUROPEAN CENTRAL BANK POLICY DASHBOARD

Target Instrument: Deposit Facility Rate • Sovereign: Spain (ESP)

STANCE: neutral

Next Meeting: 2026-10-29

LOOSER CONDITIONSIN LINE WITH TARGETTIGHTER CONDITIONS

STATUTORY BENCHMARK

3.25%Unchanged (0 bps)

Deposit Facility Rate

REAL CARRY SPREAD (r - π)

+1.45%

Neutral Equilibrium

OVERNIGHT BENCHMARK (€STR)

3.20%-5 bps

Euro Short-Term Rate

YIELD CURVE SLOPE (10Y - r)

-0.15%

Inverted Term Structure

WAGES & PRICES2 METRICS

Headline CPI Inflation (YoY)Oct 2024 YoY

Anchored within standard statutory price stability corridor

INERef

1.80%

LOOSER

Distance to Inflation Target (2.0%)Oct 2024 YoY

Inflation below 2% target anchor by 0.20 percentage points

INERef

-0.20%

LOOSER

SUPPLY & DEMAND2 METRICS

Annual Real GDP Growth RateQ3 2024

Robust real economic expansion supporting labor demand

INERef

3.40%

MILD LOOSE

Unemployment Rate (Labor Slack)Q3 2024

Elevated civilian labor slack exerting downward wage pressure

INE EPARef

11.20%

TIGHTER

FINANCIAL CONDITIONS4 METRICS

Deposit Facility RateECB Deposit Rate

Official statutory policy target rate set by European Central Bank

European Central BankRef

3.25%

LOOSER

Real Carry Rate (Policy - CPI)Calculated

Positive real return regime delivering restrictive monetary drag

European Central Bank vs INE

+1.45%

LOOSER

10-Year Sovereign Benchmark Yield10Y Bonos

Long-term sovereign borrowing benchmark discounting term premium & inflation risk

Tesoro PúblicoRef

3.10%

LOOSER

Yield Curve Slope (10Y - Policy Rate)Calculated

Inverted yield curve by 0.15% signaling restrictive monetary drag

Sovereign Debt Desk vs Central Bank Target

-0.15%

IN LINE

EXTERNAL & FISCAL2 METRICS

Current Account / Trade BalanceSep 2024

Trade deficit requiring external capital inflows or debt financing

Ministerio de EconomíaRef

$-3.2B

IN LINE

General Government Debt / GDP2024

High public debt burden consuming fiscal policy maneuverability

Banco de EspañaRef

105.30%

MILD TIGHT

HISTORICAL RATE DECISION TRAJECTORY (DEPOSIT FACILITY RATE)

Verified Chronological Decisions

2026-10-09

3.25%

Policy Assessment Summary: Key ECB interest rate on the deposit facility.