Consumer Price Index Spain Corporate and household deposits Spain Economic Sentiment Indicator Spain S&P composite PMI - US and Eurozone Wage Survey - Germany EU natural gas reserves

1. Economy…
at a glance
December 2022
-0.1%
Consumer Price Index - Spain (INE and Eurostat)
Nov. 22 % y-o-y change
Harmonized CPI Eurozone
% y-o-y change
monthly
y-o-y
+6.8%
General CPI
+6.3%
y-o-y
Core CPI
Eurozone
10%
(4.9% - Nov. 21)
Corporate and household deposits - Spain (Bank of Spain)
Oct. 22
€309.7 bn
Households
Companies
€ 987 bn
y-o-y
+4.5%
y-o-y
+4.7% 0
2
4
6
8
10
12
14
16
18
280
285
290
295
300
305
310
315
320
325
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
% y-o-y change (right axis) bn €
Companies Households
0
1
2
3
4
5
6
7
8
9
880
900
920
940
960
980
1.000
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
% y-o-y change (right axis) bn €
-0.8
10.8
6.8
0.2
6.4
6.3
-1
0
1
2
3
4
5
6
7
8
9
10
11
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
General Index
Core CPI
+0.7%
monthly
HCPI
6.6%
Economic Sentiment Indicator - Spain (European Commission)
69.3
111.6
96.4
60
70
80
90
100
110
120
Nov-19
Feb-20
May-20
Aug-20
Nov-20
Feb-21
May-21
Aug-21
Nov-21
Feb-22
May-22
Aug-22
Nov-22
Eurozone
Spain
Nov. 22
points
96.4
Spain
-1.7p.
monthly
-15,2p.
r/max.
Feb.22
Points
Comparison of main Eurozone economies
Change in points
-22.0
-12.3
Italy
Eurozone
Germany
France
93.7
99.3
92.2
94.6
Monthly Y-o-y
1.0
4.1
1.1
-1.6
-16.9
-22.3
-21.5
Spain 96.4 -1.7
By sectors
Change in points
Industry
Construction
Trade
Services
Consumers
-3.7
-2.9
-1.0
+2.6
+2.9

2. Economy… at a glance, a publication of the “Círculo de Empresarios” produced by its Department of Economy, contains information and opinion from reliable sources. However, the “Círculo de
Empresarios” does not guarantee its accuracy and does not take responsibility for any errors or omissions. This document is merely informative. As a result, the “Círculo de Empresarios” is not responsible
for any uses that may be made of the publication. The opinions and estimates of the Department can be modified without prior warning.
EU natural gas reserves (Gas Infrastructure Europe –GIE)
26th Nov. 22
93.9%
1,051 TWh
Equivalent to
27.8% of annual
consumption
% accumulated reserves
3.7times
r/ 18th Mar. 22
Accumulated
reserves
20
30
40
50
60
70
80
90
100
26-Nov-21
26-Dec-21
26-Jan-22
26-Feb-22
26-Mar-22
26-Apr-22
26-May-22
26-Jun-22
26-Jul-22
26-Aug-22
26-Sep-22
26-Oct-22
26-Nov-22
Some EU countries
26.9
30.4
10.0
24.8
Equivalent
% annual consumption
S&P composite PMI - US and Eurozone (Markit)
Points (>/< 50: expansion/contraction of economic activity)
Nov. 22
r/ max. May. 21
-22.4p.
US
r/ max. Jul. 21
Eurozone
-12.4p. 10
20
30
40
50
60
70
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Services
Manufacturing
Services
Manufacturing
46.1
47.6
47.3
48.6
Min.
Apr. 20
Min.
Apr. 20
26.7
36.1
33.4
12
Nov. 22
Nov. 22
Contraction
of economic
activity
Wage Survey - Germany (Destatis)
Q3 2022
Y-o-y ▲ of 2,3% of nominal
income does not offset
inflation (8.4%)
Real earnings loss for the
4th consecutive quarter
+2.3%
y-o-y
Nominal
-5.7%
y-o-y
Real
% y-o-y change
Largest and longest decline
in real income since the
beginning of the time series
in 2008
-6
-4
-2
0
2
4
6
8
10
Q1
2008
Q4
2008
Q3
2009
Q2
2010
Q1
2011
Q4
2011
Q3
2012
Q2
2013
Q1
2014
Q4
2014
Q3
2015
Q2
2016
Q1
2017
Q4
2017
Q3
2018
Q2
2019
Q1
2020
Q4
2020
Q3
2021
Q2
2022
Index of real earnings
Index of nominal earnings
CPI