Global Leading Indicators

The Conference Board Leading Economic Index^®(LEI) for Spain decreased by 0.5 percent in May 2022 to 99.0 (2016=100), after remaining unchanged in April. The LEI decreased by 1.0 percent in the six-month period from November 2021 to May 2022, after increasing by 0.5 percent over the previous six-month period.

The Conference Board Coincident Economic Index^® (CEI) for Spain increased by 0.3 percent in May 2022 to 108.5 (2016=100), after rising by 0.7 percent in April. The CEI grew by 2.1 percent in the six-month period between November 2021 and May 2022, smaller than the 3.3 percent increase between May and November 2021.

“With the May decline, the LEI for Spain worsened or remained flat in five of the last six months,” said Ataman Ozyildirim, Senior Director for Economics at The Conference Board. “High inflation, tighter monetary policy, and slowing growth in Europe are creating headwinds for economic prospects in Spain.”

The Spain LEI decreased in May reflecting tightening monetary policy and high inflation

Tighter financial conditions and weak industrial orders led the decline in the LEI

The LEI decreased again, suggesting growth could slow in the short-term

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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