In the third quarter of the year, Spanish competitiveness improved against the EU-27, according to the Competitiveness Trend Index (ITC) calculated with the Consumer Price Index (CPI).
Improved price competitiveness of the Spanish economy
This index, whose reductions reflect gains in competitiveness, decreased by 2.8% against the EU-27 in the third quarter of 2023, confirming the change in trend that began a year ago. The improvement in competitiveness is mainly due to the decline in the relative price index.
“We must continue to promote the diversification of our exports, the competitiveness of Spanish companies, their products and services in foreign markets and the presence of Spain in global value chains to remain a global benchmark,” said the acting Minister of Industry, Trade and Tourism, Héctor Gómez.
Compared to the OECD, the ITC increased by 0.9% in the third quarter. Despite the improvement in competitiveness achieved by relative prices, Spain’s competitiveness was dented by the impact of the appreciation of the euro against the main currencies in this area.