Spain – United States
The outlook for Q1 GDP has improved slightly, following a narrowing trade deficit, increased shipments of durable goods, and a considerable improvement in consumer confidence.
The trade deficit narrowed in February, falling from US$68.800 billion to US$64.800 billion, thanks to exports contracting by only 0,1% month-on-month, while imports fell by 2,1% month-on-month. Meanwhile, shipments of basic durable goods, a direct contributor to GDP, increased by 1,0% month-on-month to a year-on-year rate of 2,1% in February, the fastest pace recorded in over two years. New orders for basic durable goods declined by 0,1% month-on-month, but the year-on-year rate remains at a respectable 2,7%. Finally, consumer confidence continued to rise in March, gaining 9,5 points to reach 125,6, the highest level since December 2000, more than 16 years ago. The subcomponents also revealed remarkable strength, with the current conditions index showing the largest increase in over 15 years and the future expectations index in over 16 years. This stronger data contrasts with recent weakness, improving the outlook.
Source: Solunion
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