Global Leading Indicators

For Release 9:30 AM ET, July 10, 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 May 2025 to 101.6 (2016=100), after a 0.2% rise in April. Over the six-month period between November 2024 and May 2025, the LEI for Spain increased by 0.7%, a continuation of the 0.5% growth over the previous six months, between May and November 2024.

The Conference Board Coincident Economic Index^® (CEI) for Spain rose by 0.3% in May 2025 to 116.2 (2016=100) after a similar 0.3% gain in April. The CEI also expanded by 1.8% from November 2024 to May 2025, accelerating from a 1.4% increase over the previous six-month period.

“The LEI for Spain increased in May for a second month in a row,” said Allen Li, Associate Economist at The Conference Board. “Four of the six components of the Spain LEI contributed positively, led by equity prices, which reached levels not seen since early 2008 on easing global trade tensions. Spain’s contribution to Euro M2, order books, and long-term bond yields also supported the Index. Over the past six months, most of the components of the Index were in positive territory or improving. However, the capital equipment component declined, suggesting investment weakness in some sectors. The overall positive trajectory of the Spain LEI indicates that the economy will continue to expand in 2025. The Conference Board currently expects the Spanish GDP to grow by 2.4% in 2025, after 3.2% in 2024, but notes potential headwinds associated with political, fiscal, and trade uncertainty.”

The next release is scheduled for Friday, August 8, 2025, at 9:30 A.M. ET.