Conjoncture Flash July 2017

Over the first half of 2017, tax receipts collected by the State increased by 3.2% over one year (a rise of EUR 230 million). This rate was lower than that of the two previous years (almost 4%), due to tax incentives relating to the tax reform and a substantial VAT loss on e-commerce. On the other hand, a number of factors boosted tax receipts, such as the wage indexation adjustment, strengthening consumption and the favourable stock market environment.

• Investments: Investments soaring

• Manufacturing: A long-awaited recovery

• Financial sector 1/2: Confidence remains high in the financial sector

• Financial sector 2/2: The euro continues to appreciate

• Labour market: Long-term unemployment rate falls

• Inflation: Underlying inflation on an upward trend

• Consumption: Car sales rise moderately