Global Leading Indicators

For Release 9:30 AM ET, September 11, 2025

Using the Composite Indexes: The Leading Economic Index (LEI) provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term. The Coincident Economic Index (CEI) provides an indication of the current state of the economy. Additional details are below.

The Conference Board Leading Economic Index^® (LEI) for Spain increased by 0.3% in July 2025 to 102.0 (2016=100), after a 0.1% increase in June. The Spain LEI expanded by 0.9% over the six-month period between January and July 2025, a slight improvement compared to the 0.7% expansion over the previous six-month period, between July 2024 and January 2025.

The Conference Board Coincident Economic Index^® (CEI) for Spain also increased by 0.3% in July 2025 to 117.0 (2016=100) continuing a series of 0.3% gains since April. As a result, the CEI expanded by 2.0% over the six-month period between January and July 2025, accelerating from a 1.6% increase over the previous six-month period.

“The LEI for Spain rose in July and made a new high in 2025 so far,” said Allen Li, Associate Economist at The Conference Board. “In July, money supply supported the index. In addition, capital equipment component of industrial production recovered after weighing somewhat negatively on the index in previous months. However, the potential strengthening of Spain’s industrial sector remain uncertain given that the order books component deteriorated slightly in the same period. Over the past six months, most components of the Index have been in positive territory and on an improving trend. This positive trajectory of the Spain LEI suggests that the economy will continue to expand in 2025. The Conference Board currently expects the Spanish GDP to grow by 2.7% in 2025, following 3.2% in 2024, noting potentially easing headwinds in trade uncertainty.”

The next release is scheduled for Friday, October 10, 2025, at 9:30 A.M. ET.