BRUTAL decline in exports in Madrid (-8.4%) during the month of May.

In the state total exports fell -0.2%, further evidence confirming what I'm saying throughout the year. 
Inertia ever lasts less.

The terrible thing is that Pedro Sanchez has called for more deficit Europe in a year in which growth will be well below forecasts, ie two data feed back negative.


So far this year (January-May) growth Catalunya is 60% higher than in Spain:

Comparison of exports first 5 months 2018:
China: + 12.3% 
USA: + 9.7% 
UE28 + 3.5%

Catalunya: + 3.3% 
Spain: + 2.8% 
Spain without Catalonia: + 2% 
Madrid -5%


The main reason for the fall in Spanish exports in May is the United Kingdom (-12.2%), USA (-12.8%), China (-13.4%) and Germany -5.9%. 
Arms sales to Saudi Arabia (+ 37.2%) helped balance the scales. 

Winter comes...