Global Leading Indicators

For Release 9:30 AM ET, November 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 improved by 0.1% in September 2025 to 102.0 (2016=100), reversing a 0.1% decrease in August. The Spain LEI expanded by 0.9% over the six-month period between March and September 2025, accelerating from a 0.2% increase over the previous six-month period, between September 2024 and March 2025.

The Conference Board Coincident Economic Index^® (CEI) for Spain increased by 0.3% in September 2025 to 117.2 (2016=100) after inching down by 0.1% in August. Overall, the CEI expanded by 1.3% over the six-month period between March and September 2025, a slight moderation compared to the 2.0% increase over the previous six-month period.

“The LEI for Spain improved in September, remaining on a solid uptrend,” said Allen Li, Associate Economist at The Conference Board. “In the month, four of the six components contributed positively to the LEI, led by stronger equity prices and money supply. Only the order books and, to a much lesser extent, the long-term government bond yield contributed negatively, potentially highlighting some uncertainty. Over a six-month period, most components of the Spain LEI show an improvement trajectory, suggesting that economic expansion will continue for the rest of 2025 and into 2026. The Conference Board currently expects the Spanish GDP to grow by 2.9% in 2025, and by 2.3% in 2026.”

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