Global Leading Indicators

For Release 10:30 AM ET, May 9, 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 declined by 0.5% in March 2025 to 101.1 (2016=100), reversing a 0.5% gain in February. Over the six-month period between September 2024 and March 2025, the LEI for Spain increased by just 0.2%, a deceleration from the 0.5% growth over the previous six months, between March and September 2024.

The Conference Board Coincident Economic Index^® (CEI) for Spain rose by 0.3% in March 2025 to 115.4 (2016=100) after a similar 0.3% gain in February. The CEI expanded by 1.9% from September 2024 to March 2025, accelerating from a 1.3% increase over the previous six-month period.

“The LEI for Spain dipped in March, reversing February’s gain and retreating from a two-and-a-half-year high,” said Allen Li, Associate Economist at The Conference Board. “All components of the Spain LEI cooled in March, led by a surge in long term bond yields, and a drop-off in order books. This likely reflected growing trade tensions and economic and policy uncertainty. Nevertheless, despite the March weakness, over the past six months, most of the components of the Index remained in positive territory. While slowing somewhat in 2025 Q1, the Spanish economy remained the stronger performer among large Euro Area countries with GDP growth reaching 2.3% (quarter on quarter annualized). Economic activity is expected to remain relatively solid in 2025 and The Conference Board currently expects the Spanish GDP to grow by 2.3% in 2025, after 3.2% in 2024.”

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