Global Leading Indicators

For Release 9:30 AM ET, July 12, 2024

Using the Composite Indexes: The Leading Economic Index (LEI) provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term. The Coincident Economic Index (CEI) provides an indication of the current state of the economy. Additional details are below.

The Conference Board Leading Economic Index^®(LEI) for Spain ticked up by 0.1 percent in May 2024 to 98.6 (2016=100), after remaining unchanged in April. Overall, the LEI grew by 0.9 percent between November 2023 and May 2024, coming out of a 1.4 percent contraction over the previous six-month period.

The Conference Board Coincident Economic Index^® (CEI) for Spain also increased by 0.1 percent in May 2024 to 112.8 (2016=100), following an upwardly revised 0.6 percent gain in April. Accordingly, the CEI grew by 1.4 percent over the six-month period between November 2023 and May 2024, a faster rate of growth than the 0.5 percent over the previous six-month period.

“The LEI for Spain rose slightly in May continuing the uptrend that started at the end of last year,” said Allen Li, Associate Economist at The Conference Board. “In the month, the gain was driven by an increase in equity prices. The other components of the Spain LEI were largely flat, including the order books survey and job placements that supported the Index earlier this year. As a result, while the Index remains on an upward trajectory, the pace of growth has moderated. This suggests that, after the strong positive GDP growth in the first quarter, the Spanish economy should continue to expand but at a more modest pace for the remainder of 2024. The Conference Board currently expects Spain’s real GDP growth at 2.4 percent in 2024.”

The next release is scheduled for Friday, August 9, 2024, at 9:30 A.M. ET.