Spain - Treasury Bills (over 31 days)





Spain: Treasury Bills (over 31 days)

Mnemonic IRGT.IESP
Unit %, NSA
Adjustments Not Seasonally Adjusted
Business Daily
Data 20 May 2019 -0.35
17 May 2019 -0.36

Series Information

Source Bank of Spain
Release BDE Financial - Daily
Frequency Business Daily
Start Date 1/3/2000
End Date 5/20/2019

Spain: Markets

Reference Last Previous Units Frequency
Stock Market Index 22 May 2019 9,232 9,239 Index, NSA Business Daily
Average Long-term Government Bond 21 May 2019 0.87 0.87 %, NSA Business Daily
Treasury Bills (over 31 days) 20 May 2019 -0.35 -0.36 %, NSA Business Daily
Money Market Rate Mar 2019 -0.37 -0.37 % p.a., NSA Monthly
Lending Rate 2002 4.31 5.16 % Annual

Release Information

This section presents GDP per capita at current and constant prices, as well as the decomposition of the latter into employment rate, labour productivity and ratio of working-age population to total population.

  • GDP per capita in current euro
  • GDP at current prices and purchasing power parities (PPPs) of the EU 27 per head of population.
    • The population is obtained from the National Accounts. Series compiled using Eurostat figures and the Annual Macroeconomic Database (AMECO). 
  • GDP per capita in constant euro
  • GDP at current prices and purchasing power parities (PPPs) of 2005 per head of  population
  • Ratio of working-age population to total population
    • Calculated AMECO and Eurostat population 15-64 divided by total population. Series obtained from labour force surveys. 
  • AMECO and Eurostat Employment rate
    • Ratio of persons aged 15 to 74 employed to the working-age population. Series obtained from labour force surveys.
  • Output per person employed
    • Calculated as GDP at constant prices and PPPs of 2005 divided by the number of persons employed according to the National Accounts.

This section includes the two main components of labour productivity: the capital/labour ratio and total factor productivity (TFP) as proxied by the Solow residual. Also included a disaggregation of total capital stock into productive, public and residential capital stocks and two additional indicators of two variables regarded in the recent literature as important in determining the growth of total factor productivity: the stock of human capital and the stock of technological capital.

  • Total factor productivity
    • The growth rate of this variable is proxied by the differential between the growth of real output (GDP) and the growth of primary inputs (capital and labour) weighted by their share of total income. This indicator is expressed in the form of an index with 1995=100 AMECO. 
  • Capital stock per person employed
    • The ratio of total capital stock (including residential capital stock) to the number of employed according to the National Accounts. The total capital stock is net capital and is obtained by the perpetual inventory method based on the flows of gross fixed capital formation (GFCF) and of consumption of fixed capital (CFC), both in constant euro. The initial condition assumption is a capital/GDP ratio of 3 in 1960. Expressed in 2005 prices AMECO. 
  • Productive capital stock per person employed
    • The productive capital stock is calculated as the sum of public capital stock and private productive capital stock. The employment series is obtained from the National Accounts.
  • Private productive capital stock per person employed
    • The capital stock is obtained by the perpetual inventory method, using private productive GFCF in constant euro as the flow. The assumptions made are initial conditions compatible with the total capital stock and with other stock and a depreciation rate of 8.5%. 
  • Public capital stock per inhabitant
    • The capital stock is obtained by the perpetual inventory method, using public GFCF as the flow. The  assumptions made are initial conditions compatible with the total capital stock and with other stock and a depreciation rate of 3.5%. 
  • Residential capital stock per inhabitant
    • The capital stock is obtained by the perpetual inventory method, using residential GFCF as the flow. The assumptions made are initial conditions compatible with the total capital stock and with other stock and a depreciation rate of 2%. 
  • Ratio of technological capital stock to GDP
    • Obtained by aggregating the flow of R+D spending by the economy. A depreciation rate of 15% is used. The deflator used is the GFCF in capital goods deflator. 
  • Human capital stock
    • This indicator can be interpreted as the equivalent percentage of the population of working age with a tertiary education. 
  • Quality-adjusted human capital stock
    • This indicator adjusts the previous human capital stock taking into account the relative quality of the education system in relation to the EU15. To make this adjustment the results of the OECD PISA (Programme for international student assessment) and public spending per student are taken into account. 

This next group contains certain indicators that influence the stocks of physical, technological and human capital described in the previous section. These variables include R&D expenditure, use of patents, gross fixed capital formation, public expenditure on education and venture capital investment. Also included are some social spending indicators, which seek to present information on the distribution of economic well-being, the unemployment rate and the dependency ratio.

  • R&D expenditure
    • Sum of public and private R&D expenditure as a percentage of current GDP. 
  • Public R&D expenditure
    • R&D expenditure by general government as a percentage of current GDP. 
  • Private R&D expenditure
    • Sum of R&D expenditure by firms, universities and private non-profit firms as a percentage of current GDP. 
  • Patent applications to the EPO
    • Patent applications to the European Patent Office (EPO) per million inhabitants. 
  • Venture capital investment
    • El Venture capital is defined as the stock of resources used to finance firms having difficulty in gaining access to other sources of financing during their early or expansion stage. This indicator is expressed as a percentage of current GDP. 
  • Gross fixed capital formation
    • Total flow of gross fixed capital formation in the economy in constant euro as a percentage of constant GDP. 
  • Private productive GFCF/GDP
    • The flow of private productive gross fixed capital formation in constant euro is calculated as total GFCF minus residential GFCF minus public GFCF. All the series included in this indicator are expressed in constant euro.
  • Public GFCF/GDP
    • To obtain the public GFCF used in this indicator, a deflator that combines the capital goods and other construction deflators is applied to public GFCF in current euro. GDP is expressed in constant euro. 
  • Residential GFCF/GDP
    • Residential GFCF in constant euro is calculated as the investment in housing plus a certain portion of the investment in other products. GDP is expressed in constant euro. 
  • Non-residential construction/GDP
    • Non-residential construction GFCF in constant euro is calculated as investment in other construction plus a certain portion of the investment in other products. This indicator includes, among other items, all the investment in infrastructure by the whole economy. GDP is expressed in constant euro.
  • Public expenditure on education / population of age 16-64
    • Series obtained from Eurostat structural indicators and from OECD series (expressed as a percentage of GDP). The indicator obtained is redefined in terms of population and expressed in real terms using the public consumption deflator and in PPS of the last year represented in the tables for the GDP. It includes direct public expenditure at all educational levels and transfers of funds to households and firms. 
  • Life-long learning
    • Series obtained from the Eurostat structural indicators. It reflects the proportion of people aged 25-64 who have received some type of training in the four weeks prior to the Labour Force Survey.
  • Higher studies
    • This indicator represents the proportion of people aged 25-39 who have completed higher studies.
  • Social protection expenditure per inhabitant
    • Sum of spending on health care, social security and housing. The indicator and its components are presented in real terms using the public consumption deflator and in PPS of the last year represented in the tables for the GDP. The population used is that estimated in the National Accounts. It includes interventions by public or private bodies aimed at lightening the burden placed on households and individuals by certain risks or needs, called “functions”, provided that there is no simultaneous and reciprocal consideration paid by the beneficiary. 
  • Health care expenditure per inhabitant
    • Includes expenditure on the sickness–health care function (temporary disability and benefits in kind.) 
  • Social benefits per inhabitant
    • Includes the following functions:
      • Household-children function - Income maintenance during maternity, family allowance per dependent child and other money or in-kind benefits
      • Disability function - Disability pension and other money or in-kind benefits
      • Survivors function
      • Old-age function - Retirement pensions and other benefits. 
  • Housing expenditure per inhabitant
    • Includes the housing function, which comprises social and other housing rental assistance and house purchase assistance. 
  • Unemployment
    • The unemployed as a percentage of the labour force, both series being obtained from labour force surveys. 
  • Dependency ratio
    • People aged over 65 in proportion to the labour force.

Subject to revisions