TOURISM

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Over the past year, Spanish tourism sector benefited from the geopolitical instability of other sun and beach destination competitors, such as Egypt, Tunisia and Turkey, and a favorable macroeconomic environment. In 2015, 68 million tourists visited our country, that is an increase of 4.6 % compared to 2014 and 7.3 % compared to 2013. Inland destinations, with Madrid at the top - north of Spain (Cantabria, Asturias and Galicia), Balearic Islands and the Mediterranean coast, stand as the big winners of 2015. 2016 is expected to bring a new record in the number of tourists in Spain.

INFLATION

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The annual average inflation in 2015 stood at -0.5 %, lower than expected due to low oil prices.But the underlying rate has remained throughout the year in positive and upward trend which is a sign of the recovery of the economy and consumption.

GDP

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With a GDP growth of 3.2 % in 2015 (double the average of the Euro Zone), Spain is the fastest growingeconomy within the advanced countries according to the IMF. This agency predicts a growth of 2.7% in 2016.

CONSUMER CONFIDENCE INDEX

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Consumer Confidence closed at maximum levels in 2015, with an increase of 15.6% driven by the improvement of the economic situation and positive Outlook. Consumer confidence rose 2.8 points in December respect to previous month, up to 107.4 points.

LABOUR MARKET

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With the creation of more than half a million jobs, the highest growth in employment since 2006, Spain has closed 2015 with a reduction of the unemployment rate down to 20.9%. Spain is the most dynamic country in the Euro Zone in terms of job creation with a job creation rate of 3% for 2015-2016.

CONSUMER SPENDING

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Spanish household spending stood at 3.1%, thanks partly to the fall in energy prices and the cut in personal income taxes. The forecasts point to this positive trend continuing, with consumer spending growing by 3.2% over the course of 2016.

Source: JLL