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The Board of the Central Bank decided to maintain the monetary policy rate at 0,25% in April. The Bank renewed its commitment to maintain a strongly expansive stance for a prolonged period and stated that the higher inflation observed in March is transitory.
In the first quarter of the year, consumption grew 7.5% in annual terms, partially influenced by a rebound effect due to the start of quarantines in 2020. In March, the services sectors returned to pre-pandemic levels, compensating for the lower dynamics of goods consumption.
The U.S. economy is beginning a strong expansionary cycle. The International Monetary Fund (IMF) this week adjusted its growth forecast for this country to 6.4% for 2021 and there are private analysts who forecast even higher rates.
The real estate sector has good growth prospects and will lead the country's economic recovery process. It will be driven by medium and low priced new housing. Meanwhile, higher-value housing, used housing and the non-residential sector will have a slightly later recovery.
In February, employment was boosted by the easing of mobility restrictions. By that month, 79% of the employment lost when it had deteriorated the most had been recovered. Its recovery is expected to continue and its pace will depend on economic growth, the progress of the pandemic and the measures to contain it.
Despite the difficult global context brought about by COVID, the Spanish exports of goods maintained their export market destination and gained competitiveness and share in international trade. Outlook is favourable, although the uncertainty about the pandemic remains high and its impact on global activity is relevant.
Social Security affiliarion rose by 70,800 in March and unemployment fell by 59,100. Seasonally adjusted, employment fell by 8,000 and unemployment by 20,000. In Q1, job creation moderated (0.2% q/q q/q CVEC) and unemployment rose (0.5%). There were still 1,184,000 workers with limited activity
In March, the Consumer Price Index increased by 0,84%. With this outcome, inflation increased from 2,4% in February to 2,6% in year-on-year terms, mainly explained by supply factors.