Due to recent improvements, the LEI grew by 0.7 per cent between August 2023 and February 2024, coming out of a contraction of 1.0 per cent over the previous six-month period.

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The US think tank’s coincident economic index (CEI) for Spain also increased by 0.3 per cent in February to 111.7 after a 0.3-per cent increase in January.

The CEI grew by 0.8 per cent between August 2023 and February 2024, after growing by 1.1 per cent over the previous six-month period.

The LEI provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term. The CEI provides an indication of the current state of the economy, a release from the think tank said.

“February’s improvement in the LEI was driven by stronger job placements, new orders and capital equipment production. The sustained rebound of the LEI from the downtrend that began in 2022 suggests that Spain should continue to outperform major Euro Area economies this year. The Conference Board currently expects real annual GDP [gross domestic product] growth for Spain at 1.8 per cent for 2024,” said Allen Li, associate economist at the think tank.

Fibre2Fashion News Desk (DS)