Quarterly report

Global and Spanish economy

Q1-2017

Círculo de Empresarios

Madrid, April 2017

2017 GDP forecast

Source: Círculo de Empresarios based on IMF, 2017

2016 2017

Global

3.1 3.5

-1,8

-3,3

3

41.2%

58.8%

2017 GDP distribution

Advanced

Emerging

Latin America

ASEAN(Indonesia, Malaysia, Philippines, Thailand, Vietnam.

Eurozone

RussiaUSA

Sub-Saharan

Africa

1.6

2.3

-1

1.1

1.6

2.6

1.4

-0.2

1.4

54.9

2016

2017

1.7

Source: Círculo de Empresarios, 20174

Global trends 2017 (I)

Inflationarypressures

Populist

movements Emerging and advanced economies

expand in a higher synchronised way

A more synchronised and

upturn global growth

* Brexit, elections in Germany and France, Italian political instability

Expansionary fiscal policies, oil prices rebound, low interest rates

63% of GDP faces political uncertainty

0

50

100

150

200

250

300

350

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

Economic Policy Uncertainty Index

1997=100

Source: Círculo de Empresarios based on Policy Uncertainty, Bloomberg, 20175

Global trends 2017 (II)

Higher economic stability in a turmoil political cycle with populist waves

Brexit

Financial crisis

TrumpFrance

Elections

German

elections

Developed World Populism Index show historical trend

Source: Círculo de Empresarios, 2017 6

A more synchronised and upturn global growth

Higher optimism of global economic

activity

Brazil, Argentina and Russia come out of recession

UE economic sentiment at highest level

Lower fears in China (currency, overcapacity...)

Political risks reduce potential economic

growth

Trump economic policy

Le Pen, Beppe Grillo...

Brexit negotiations

Diplomatic tensions

4,2

4,5

4,8

2016 2017 2018

Economic growth in

emerging economies(%)

Emerging economies are gaining momentum

Source: Círculo de Empresarios based on IIF, CaixaBank Research, 2017 7

Brazil and Russia come out of recession and contribute to global growth

Other positive data

✓ Strong capital flows to emergingmarkets ($29,8 billion in March)

✓ MSCI increased by 10% during Q1-4

-2

0

2

4

6

8

10

China India Indonesia Brazil Mexico Russia Turkey

Emerging countries GDP growth%

2016 2017 2018

3,8 4 3,8

7,9 7,9

9,3 9,39,8

3,9

8,5

10,3

6,6

5,1

6,97,3

7,6

6,8

7,2

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

0

2

4

6

8

10

12

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Real GDP and GDP per capita in India%, $

Real GDP (Left axis)

GDP per capita PPP (right axis)

India: soft deceleration but brilliant economic

growth

Source: Círculo de Empresarios based on IMF and World Bank, 2017 8

Forecast

➢ Exceptional deceleration due to the

elimination of the largest banknotes

➢ In the last 17 years, India’s GDP

per capita multiplied by 3

Population: 1.3 billion

Nominal GDP: 2.2 tn$

PIB pc: 6,187 $ PPP

Note: Since 1993, poverty rate has reduced by 50% to 22% of indian population

6,1

-1,8-7,7

-11,2

-25,4

7,9

1,30,5

-13,2

-5,5

-18,8

-13,8

16,7

38,1

-30

-20

-10

0

10

20

30

40

50

2014 2015 2016 Jan.-16 Feb.-16 Jan.-17 Feb.-17

China's external sector

Annual change, % ($ terms)

Exports Imports

China: less negative surprises

Source: Círculo de Empresarios based on Reuters and Safe, 2017 9

Economic growth stabilized at 6.7%

Since 2000, GDP per capita multiplied by 5A possible change on the trend of China’s external

sector

* Data affected by Chinese New Year

0

2

4

6

8

10

12

14

16

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Real GDP and GDP per capita in China

GDP per capita $, PPP (left axis)

Real GDP (right axis)

$ %

China: poverty and inequality have diminished

Sourcee: Círculo de Empresarios based on, OECD, 201710

Since 1980, 700 million people out of poverty

Great progress but there is a still long way to go

0

20

40

60

80

100

120

1980 1985 1990 1995 2000 2005 2010 2015

Rural poverty rate in China% rural populat ion

44,5

45,0

45,5

46,0

46,5

47,0

47,5

48,0

48,5

49,0

49,5

Gini coefficientIndex

European Union: economic growth although

political risks

Political uncertainty

11Source: Círculo de Empresarios based on OECD, 2017

Note: The darker the colour, higher uncertainty

Brexit negotiationsElections in Germany

and FranceEconomic and political

instability in Italy

ItalyFranceGermanySpain

1.9%3.2% 1.2% 0.9%

Real GDP growth, 2016%

(1.8) (1.4)(2.5)

2017 forecasts in brakets

(1)

63% of GDP affected by political uncertainty...

European Union: Brexit (I)

12Source: Círculo de Empresarios based on Bertelsmann, 2017

United

Kingdom

EU-27

After art. 50, it will take at least 2 years of negotiation

UK faces a payment between 40-60 billion € in terms of budget agreements

Spain’s economy extra contribution will be aproximately 906 million €

138

7

10

EU revenue impact

Billion €

EU revenue without UK

UK contributions that used

to flow back into the UK

EU net revenue loss from

Brexit

0

0,5

1

1,5

2

2,5

3

2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4

Real GDP growth and inflationAnnual change

Real GDP Inflation

European Union: Brexit (II)

13Source: Círculo de Empresarios based on Bertelsmann, ONS, 2017

Pound depreciation has accelerated UK exports

Brexit

Brexit

1

1,1

1,2

1,3

1,4

1,5

1,6

Pound performance against the euro and dollar

GBP/USD GBP/EUR

18

19

20

21

22

23

24

UK merchandise exportsBillion £

49

50

51

52

53

54

55

56

57

58

Eurozone PMI composite

Germany Eurozone France

Eurozone: stronger confidence despite the

political election calendar

14Source: Círculo de Empresarios based on European Commission and Markit, 2017

“Poltical noise” did not affect European confidence, yet

99

101

103

105

107

109

111

Economic sentimentIndex Eurozone Germany

France

Brexit

Trump

Jan-16 Jun-16 Sep-16 Ene-17 Mar-17

Source: Círculo de Empresarios based on European Commission, 2017

Eurozone: growth and labor market

Since May-2009 Eurozone registered its lowest

unemployment rate

15

Contribution to GDP by componentsPercentage points

EMPLEO

Private

consumption

+1

+0.4

Government

expenditure

Investment

+0.5

Private consumption continues as the key driver

of economic growth whereas investment remain

weak

2217,7

11,6 10,1 9,9 9,5 8,6 8 7,8 7 6,1 5,2 4,1

2017 unemployment rates% active populat ion

Source: Círculo de Empresarios based on Eurostat, 2017

Eurozone: prices

16

Increase in headline inflation but core remains stable

ECB medium term objectiveSince the second half of 2016,

headline inflation pressures haveincreased due to higher

commodity prices

1.7

HICP projection, 2017%

-1,0

-0,5

0,0

0,5

1,0

1,5

2,0

2,5

Jan

-14

Feb

-14

Ma

r-14

Ap

r-14

Ma

y-14

Jun

-14

Jul-14

Au

g-1

4Se

p-1

4O

ct-

14

No

v-1

4D

ec

-14

Jan

-15

Feb

-15

Ma

r-15

Ap

r-15

Ma

y-15

Jun

-15

Jul-15

Au

g-1

5Se

p-1

5O

ct-

15

No

v-1

5D

ec

-15

Jan

-16

Feb

-16

Ma

r-16

Ap

r-16

Ma

y-16

Jun

-16

Jul-16

Au

g-1

6Se

p-1

6O

ct-

16

No

v-1

6D

ec

-16

Jan

-17

Feb

-17

Ma

r.-1

7

Eurozone HICP evolution 2014-16Annual change, % Headline Core

Source: Círculo de Empresarios based on Eurostat, Bank of Spain and Banque de France, 2017

Eurozone: France

17

Frexit would cost France 30

billion € a year aproximately

Unemployment rate projection

for 2017: 9.9%

(10% in 2016)

* Equivalent to the annual military budget

-5

-4

-3

-2

-1

0

1

2

3

4

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Real GDP in FranceAnnual change, %

France Eurozone

-0,4

-0,2

0

0,2

0,4

0,6

0,8

1

1,2

1,4

Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17

France and Germany 10 years debt (%)

France Germany

26

68Risk premium

US: higher growth but risks of protectionism

Source: Círculo de Empresarios based on BBVA Research, 2017 18

Hihg uncertainty surrounding the new US economic policy

Expansionary fiscal

policies

Inflation

pressures

Trade relations/

protectionism

Exchange and

interest rates

Main US uncertainty factors

Symptoms of economic acceleration

Full employment

Higher corporate earnings

Stronger core inflation

US: strengthening growth

+1.6% 4.7%

Economic growth Unemployment rate

Core

inflation

+2.2%(February 2017)

Source: Círculo de Empresarios based on BLS, BEA, Pimco, 2017 19

+98,000(Marzo 2017)

GDP forecast: 2-2,5% pending the New US Administration

+2-2.5%

(2016) (2017)

4.5%(2016) (March 2017)

Headline

Inflation

+2.7%(February 2017)

Employment

creationWages

+2,7%(Febrero 2017)

US: 3 increases in 2017

Source: Círculo de Empresarios based on Fed, 2017

20

[0,25-0,5]

[0.75-1]

16 Dic 2015- 15 Dic 2016

US interest rate

%

The Fed expects 2 more increases in 2017, due to the great improvement in the

labour market

[0.25-0.5]

[0.5-0.75]15 Dic 2016- 16 Mar 2016

16 Mar 2016- actual

Fed dot plot March 2017%

2017 20180

0,25

0,5

0,75

1

1,25

1,5

1,75

2

2,25

2,5

2,75

3

3,25

3,5

3,75

4

20

40

60

80

100

120

en

e.-

14

ma

r.-1

4

ma

y.-

14

jul.-

14

sep

.-1

4

no

v.-

14

en

e.-

15

ma

r.-1

5

ma

y.-

15

jul.-

15

sep

.-1

5

no

v.-

15

en

e.-

16

ma

r.-1

6

ma

y.-

16

jul.-

16

sep

.-1

6

no

v.-

16

en

e.-

17

ma

r.-1

7

WTI price evolution

Oil: stable prices at 50$

Source: Círculo de Empresarios based on EIA, Bloomberg 2017 21

-75%

+95%

During the first 3 months of 2017, the OPEC compliance is

100 %

...leading to a greater investment in the US oil sector

Active oil-directed rig count reached 662 on March-17,

up from 525 at the end of 2016

-8

-6

-4

-2

0

2

4

6

1Q-16 2Q-16 3Q-16 4Q-16

US oil producers capital expenditureAnnual change

Commodities

Source: Círculo de Empresarios based on IMF and Bloomberg, 2017

Gradual acceleration of commodity prices

22

The increase in commodity prices has contributed to a

recovery of emerging marketsThe future Trump policies impact on today’s

commodity market

59

69

79

89

99

109

119

129

139

149

159

Commodity prices

Index 2005=100

No-energy Energy Metals

-5 0 5 10 15 20 25 30 35

Gold

Corn

Aluminium

Copper

Oil

Steel

Commodity prices change since Trump

won elections(%)

Currency market

Source: Círculo de Empresarios based on Bloomberg, 2017 23

Political risks and Central Banks influenced in global currencies

The euro, dollar and pound lost share of currency

market due to higher importance of the yuan

48

127

33

43

88

30

11

Euro

Basket of currencies, SDR%

Yen

Yuan

Dolar

Pound

2015

2017-8

-6

-4

-2

0

2

4

6

8

10

Argentine

peso

Turkey

Lira

Mexican

peso

British

pound

Chinese

yuan

Euro Japanese

yen

Russian

ruble

Brazilian

real

Currency perfomance against $

1Q-2017

Financial markets

Source: Círculo de Empresarios based on Bloomberg, St Louis Fed, 2017 24

Higher valuation of stocks during Q1

IBEX-35 change 1Q-17

2015: 2016: 2017:

CBOE: Chicago Board Options Exchange

-8.6 +11.9+12

38,9

14,4 13,4

6,95,3 4,9

0,7 0,4

-2,0

-10,2-12,3

7,9

2,54,6

7,3 5,9 5,4 6,4

-1,1

11,9

6,53,8

-20

-10

0

10

20

30

40

50

Stock market performance 2016 vs 1Q-2017%

2016 Q1-2017

10

14

18

22

26

30

CBOE volatility index

Brexit

Trump

Tailwinds

26

Lower macroeconomic imbalances

Employment creation

Lower private indebtedness

Monetary stimulus and better financing conditions

Exports upturn

Forecasts: the expansion is extended… … but at a moderate pace

27

2017* 2018*2016

Source: Círculo de Empresarios based on IMF, 2017

3.2%2.6%

2.1%

Forecasts 2017: composition of growth

2017 GDP Interanual growth projection = 2.8%

• Private consumption = 2.4%

• Public consumption = 0.8%

• Gross fixed capital formation = 3,3%

Domestic demand% annual change

2.3 ppgrowth contribution

Source: Círculo de Empresarios based on Bank of Spain, April 2017 28

0.5 pp

External demandGoods and services

% anual change

growth contribution

• Exports = 6.1%

• Imports = 5.2%

Current growth

Spain keeps the positive growth

differential with the OECD and the

Eurozone

4th consecutive quarter of positive

contribution of external demand

29Source: Círculo de Empresarios based on Bank of Spain, Eurostat and OECD, 2017

-8

-6

-4

-2

0

2

4

GDP (annual change) and contribution of

domestic and external demand (pp)

Domestic demand Spain

External demand Spain

Spain GDP

Eurozone GDP

OECD GDP

Domestic demand: households

30

Consumer spending moderates its growth

and residential investment slows down

Consumer confidence remains stable

Source: Círculo de Empresarios based on Bank of Spain, 2017

-4

-2

0

2

4

6

8

10

Spending decisions% quarterly change

Residential investment

Private consumption

-2,5

-2

-1,5

-1

-0,5

0

0,5

1

1,5

2

2,5

Feb

-13

Ap

r 13

Jun

-13

Au

g 1

3

Oc

t-1

3

De

c 1

3

Feb

-14

Ap

r 14

Jun

-14

Au

g 1

4

Oc

t-1

4

De

c 1

4

Feb

-15

Ap

r 15

Jun

-15

Au

g 1

5

Oc

t-1

5

De

c 1

5

Feb

-16

Ap

r 16

Jun

-16

Au

g 1

6

Oc

t-1

6

De

c 1

6

Fe

b 1

7

Confidence indicatorsNormalized indicators (difference between the indicator and its

average, divided by its standard deviation)

Retail trade Consumers

GDP by sectors

31

Tertiarisation of the economy

Source: Círculo de Empresarios based on INE, 2017

0

10

20

30

40

50

60

70

80

90

100

20

16Q

4

20

16Q

1

20

15Q

2

20

14Q

3

20

13Q

4

20

13Q

1

20

12Q

2

20

11Q

3

20

10Q

4

20

10Q

1

20

09Q

2

20

08Q

3

20

07Q

4

20

07Q

1

20

06Q

2

20

05Q

3

20

04Q

4

20

04Q

1

20

03Q

2

20

02Q

3

20

01Q

4

20

01Q

1

20

00Q

2

19

99Q

3

19

98Q

4

19

98Q

1

19

97Q

2

19

96Q

3

19

95Q

4

19

95Q

1

GDP mp by sector (% total)

Net tax

SERVICES

CONSTRUCTION

MANUFACTURE INDUSTRY

ENERGY

PRIMARY SECTOR

4Q 2016

9,2

2,512,8

3,45,1

67

2,52,54,1

12,813,416,5

3,43,03,4 5,1

9,88,5

67,061,260,2

9,210,17,3

2016Q42007Q41995Q4

Employed by sectors

32

Tertiarisation of employment

Source: Círculo de Empresarios based on INE, 2017

0

10

20

30

40

50

60

70

80

90

100

20

16Q

4

20

16Q

1

20

15Q

2

20

14Q

3

20

13Q

4

20

13Q

1

20

12Q

2

20

11Q

3

20

10Q

4

20

10Q

1

20

09Q

2

20

08Q

3

20

07Q

4

20

07Q

1

20

06Q

2

20

05Q

3

20

04Q

4

20

04Q

1

20

03Q

2

20

02Q

3

20

01Q

4

20

01Q

1

20

00Q

2

19

99Q

3

19

98Q

4

19

98Q

1

19

97Q

2

19

96Q

3

19

95Q

4

19

95Q

1

Employed by sector (% total)

SERVICES

CONSTRUCTION

ENERGY

MANUFACTURE INDUSTRY

PRIMARY SECTOR

4Q 2016

78,5

10,7

1,25,6

4,0 4,03,97,1

10,712,9

17,3 1,21,1

1,3

5,6

12,7

9,0

78,569,465,3

2016Q42007Q41995Q4

Labour market (I) Unemployment rate in Spain Feb. 2017 = 18% of labour force

vs. Eurozone average = 9.5% (Eurostat)

33Source: Círculo de Empresarios based on Eurostat, 2017

8

9,5

18

0

5

10

15

20

25

Unemployment EU28% labour force

Labour market (II)

SEPE data - March 2017:

▪▼ employed = 48,559 r/ Feb.

▪▲ affiliates = 161,754 r/ Feb.

▪▲ new contracts = 1,732,773

34

Between 2013 and 2016

unemployment has been

reduced by 1 million people and

affiliates have increased by

almost 1.5 million.

Source: Círculo de Empresarios based on Ministry of Employment and Social Security, April 2017

16.393.866

17.849.055

17.910.007

4.763.680

3.702.974

3.702.317

0

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000

6.000.000

16.000.000

16.500.000

17.000.000

17.500.000

18.000.000

18.500.000

19.000.000

19.500.000

20.000.000

2007

2008

2009

2010

2011

2012

2013

2014

2015

De

c-1

6

Jan

-17

Feb

-17

Ma

r-17

Affilia

tes

Evolution of the affiliation to Social Security and registered unemployed

PersonsAffiliates Unemployed

Un

em

plo

ye

d

Prices

March 2017:

▪Annual CPI decreases to 2.3% (vs.

3% in February), mainly because of

the increase in energy prices.

▪ Prices are rising above the

Eurozone average

▪Core inflatin is around 1%.

35Source: Círculo de Empresarios based on INE, Eurostat and Bank of Spain, 2017

2,3

0,9

1,5

-2

-1,5

-1

-0,5

0

0,5

1

1,5

2

2,5

3

3,5

Ju

l-1

4

Au

g-1

4

Se

p-1

4

Oc

t-1

4

No

v-1

4

De

c-1

4

Ja

n-1

5

Fe

b-1

5

Ma

r-15

Ap

r-15

Ma

y-1

5

Ju

n-1

5

Ju

l-1

5

Au

g-1

5

Se

p-1

5

Oc

t-1

5

No

v-1

5

De

c-1

5

Ja

n-1

6

Fe

b-1

6

Ma

r-16

Ap

r-16

Ma

y-1

6

Ju

n-1

6

Ju

l-1

6

Au

g-1

6

Se

p-1

6

Oc

t-1

6

No

v-1

6

De

c-1

6

Ja

n-1

7

Fe

b-1

7

Ma

r-17

General and core inflation% annual change

CPI Spain

Core inflation Spain*

CPI Eurozone

* Without energy and non-processed food

-2

-1

0

1

2

3Contribution to monthly CPI

ServicesIndustrial non-energy servicesProcessed foodNon processed food

Financial conditions

36Source: Círculo de Empresarios based on bank of Spain, 2017

Note: Credit to households and business measured in stock terms

Credit increases

-9

-7

-5

-3

-1

1

3

5

Ma

r 13

Ma

y 1

3

Jul 1

3

Se

p 1

3

No

v 1

3

Jan

14

Ma

r 14

Ma

y 1

4

Jul 1

4

Se

p 1

4

No

v 1

4

Jan

15

Ma

r 15

Ma

y 1

5

Jul 1

5

Se

p 1

5

No

v 1

5

Jan

16

Ma

r 16

Ma

y 1

6

Jul 1

6

Se

p 1

6

No

v 1

6

Jan

17

Credit to households% annual change

Total

House purchase

Consumption and other

-12

-10

-8

-6

-4

-2

0

2

4

6

Ma

r 13

Ma

y 1

3

Jul 1

3

Se

p 1

3

No

v 1

3

Jan

14

Ma

r 14

Ma

y 1

4

Jul 1

4

Se

p 1

4

No

v 1

4

Jan

15

Ma

r 15

Ma

y 1

5

Jul 1

5

Se

p 1

5

No

v 1

5

Jan

16

Ma

r 16

Ma

y 1

6

Jul 1

6

Se

p 1

6

No

v 1

6

Jan

17

Credit to business% annual change Total

Resident business

Others

Public debt

The fall is mainly explained by

the real GDP increase

37

Public debt was 99.4% of GDP in 2016

Source: Círculo de Empresarios based on Bank of Spain, European Commission and Ministry of Economy, 2017

58,0

54,251,3

47,645,3

42,338,9

35,5

39,4

52,7

60,1

69,5

85,7

95,5

100,499,8 99,4

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

Public debt

% GDP

2016 (anual change) – Trade balanceGeographical distribution (%)

Ex

po

rts

Imp

ort

s

Source: Círculo de Empresarios, based on Ministry of Economy and Competitiveness, February 2017

External sector

38

Exports ▲ 1.7% 254,530 M€

Imports ▼ 0.4% 273,284 M€

BALANCE ▼ Deficit 22.4% -18,754 M€▼ 37,8%

energy deficit

Exp

ort

s

Capital goods

Automotive industry

Food, beverages and tobacco

Imp

ort

s

Capital goods

Chemical products

Automotive industry

Top 3 sectors (% of total)

20.3

17.7

16.9

22

15.6

13.6

-94.159,9 -18.754,0-100.000

-50.000

0

50.000

100.000

150.000

200.000

250.000

300.000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Million € Exports Imports Balance

Europe

72

EU

66,3

America

10,4

Asia

9,4

Africa

6,4

Other1,8

Exportaciones

Europe

62,6

EU

57

Asia

19,5

China

8,7

America

10,4

Africa

7,3

Other0,2

Importaciones

goods goods

Foreign investment in Spain 2016

39Source: Ministry of Economy and Competitiveness, 2017

Gross productive investment = 23.476 million €

• OECD countries → 85% (▲ 4.5%).

• EU → 50% (▼ 21%).

• Latin America → 10% (▲14%).

Main sectors of destination(% over total investment and anual change)

• Supply of gas and electricity = 17.3% (▲10.1%)

• Real estate activities =13.7% (▲11.2%)

• Financial services = 7.8% (▲ 242%)

12 3

USA(21.1%)

Netherlands(9.5%)

Lux(10.5%)

Investors (% over total investment and anual change)

In contrast with international context, with

investements between countries

decreasing

14.68617.282

20162

23.766 23.476

0

5.000

10.000

15.000

20.000

25.000

2012 2013 2014 2015 2016

Gross productive investment in Spain

Million €

Foreign direct investment

Interest rates and risk premiums

40Source: Círculo de Empresarios based on Bank of Spain and national Central Banks, 2017

The risk premium remained stable around 110 bp

0

20

40

60

80

100

120

140

160

180

-0,5

0

0,5

1

1,5

2

2,5

3

7-A

pr-

15

7-M

ay-1

5

7-J

un

-15

7-J

ul-1

5

7-A

ug

-15

7-S

ep

-15

7-O

ct-

15

7-N

ov

-15

7-D

ec

-15

7-J

an

-16

7-F

eb

-16

7-M

ar-

16

7-A

pr-

16

7-M

ay-1

6

7-J

un

-16

7-J

ul-1

6

7-A

ug

-16

7-S

ep

-16

7-O

ct-

16

7-N

ov

-16

7-D

ec

-16

7-J

an

-17

7-F

eb

-17

7-M

ar-

17

7-A

pr-

17

Ten years bond yield. Spain and Germany (%)Risk premium (bp)

Spain Germany Risk Premium

Risk

premiumInterest rate

Spain’s position in international rankings

Italy

Iceland

Switzerland

SPAIN

41

The Travel & Turism Competitiveness

Index 2017 (136 countries)

Source: WEF, 2017

=(2016)

Switzerland

Norway

Sweden

SPAIN

1

2

3

7

The Energy Architecture Performance

Index 2017 (127 countries)

Source: WEF, 2017

1

2

3

6

Bloomberg 2017 Healthiest Country Index(163 countries)

Source: Bloomberg, 2017

▲1(2015)

Switzerland

Denmark

Belgium

SPAIN

1

2

3

32

IMD World Talent Ranking 2016(61 countries)

Source: IMD, 2016

▲ 7(2015)

Hong Kong

Singapore

New Zealand

SPAIN

1

2

3

69

2017 Index of Economic Freedom(181 countries)

Source: Heritage Foundation, 2016

▼26(2016)

Denmark

New Zealand

Finland

SPAIN

1

2

3

41

Corruption Perception Index 2016 (176 countries)

Source: Transparency International, 2017

▼5(2015)

SPAIN

France

Germany

SPAIN

1

2

3

1 = (2016)

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