Spain’s Competitiveness 0.8% higher than Eurozone, OECD in Q3

 

Spain’s competitiveness increased during Q3 compared to other eurozone and OECD countries, with consumer prices indices as a reference, according to the Competitive Trend Index compiled by the Ministry of Economy, Industry and Competitiveness.

Compared with the OECD countries, Spain improved its competitiveness by 0.8% over the first 6 months of the year, during which it deteriorated or was stable. With regard to the rest of the eurozone, the Index has improved for three consecutive quarters, and in this case with an increase of 0.7%.

On the other hand, in Q3, there was a loss of competitiveness-price with the EU as a whole, for the first time in the last 11 quarters, with a fall of 1%. This was due to the appreciation of the euro against the rest of the EU countries. This decline was moderated by the decrease in prices in Spain compared with the average increase in prices in those countries.

In relation to the BRIC countries, the Competitive Trend Index calculated with prices registered a loss of competitiveness via exchange rates, with a decline of 0.8% from a year earlier. It now has been deteroriating for three consecutive quarters. The euro’s appreciation against the currencies in these countries was offset, in part, by the the drop in the relative prices index.

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