For all of Spain’s entrenched structural issues (as we detailed in our April thematic, Spain – Still a Hole in Europe’s Balance Sheet), leading economic data continues to point towards a cyclical recovery in Spain.

Real M1 is growing at 15% YoY, consumer confidence is buoyant and building permits and mortgage approvals are growing again.  Most data we look at in Spain are pointing towards better growth ahead and we remain positive on Spain on a cyclical basis.

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