Global Leading Indicators

The Conference Board Leading Economic Index^®(LEI) for Spain decreased by 0.4 percent in March 2022 to 99.6 (2016=100), following a 0.4 percent decrease in February 2022. Moreover, the LEI declined by 0.5 percent in the six-month period from September 2021 to March 2022.

The Conference Board Coincident Economic Index^® (CEI) for Spain increased by 0.1 percent in March 2022 to 107.1 (2016=100), after rising by 0.4 percent in February 2022. The CEI grew by 1.9 percent in the six-month period between September 2021 to March 2022.

“With the March decline, the LEI for Spain remained essentially flat in recent months suggesting the economic expansion may be losing steam in the near term,” said Ataman Ozyildirim, Senior Director for Economics at The Conference Board. “The economic impact of the war in Ukraine on the global and European economies increases downside risks to the outlook for Spain.”

The recent trajectory of the LEI suggests the economic expansion may lose steam and risks to the growth outlook are increasing this year

Recent trajectory of the Spain LEI points to increasing headwinds to economic growth with increasing downside risks due to the war in Ukraine.

About The Conference Board Leading Economic Index^® (LEI) for Spain: The composite economic indexes are the key elements in an analytic system designed to signal peaks and troughs in the business cycle. The indexes are constructed to summarize and reveal common turning points in the economy in a clearer and more convincing manner than any individual component. The CEI is highly correlated with real GDP. The LEI is a predictive variable that anticipates (or “leads”) turning points in the business cycle by 3 months. Shaded areas denote recession periods or economic contractions. The dates above the shaded areas show the chronology of peaks and troughs in the business cycle.

The six components of The Conference Board Leading Economic Index^® for Spain include: Capital Equipment, Component of Industrial Production, Spanish Contribution to Euro M2, Spanish Equity Price Index, Long Term Government Bond Yield (inverted), Order Books Survey , and Job Placement.

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