The Conference Board(R) Spain Business Cycle Indicators(SM)

Spain Leading Economic Indicators

and related composite indexes for November 2005

NEW YORK, Jan. 24 /PRNewswire/ -- The Conference Board announced today
that the leading index for Spain increased 0.1 percent and the
coincident index increased 0.4 percent in November.

-- The leading index increased slightly in November, and the strengths and

weakness among the leading indicators have been balanced in recent

months. The leading index has been fluctuating around an essentially

flat trend since June 2005. In addition, the six-month growth rate of

the leading index has moderated from almost a 6.0 percent annual rate

in June to about a 2.5 percent rate in November.

-- The coincident index, a measure of current economic activity, increased

again in November. It has been on a steadily rising trend but its

growth has also moderated somewhat in recent months. At the same time,

real GDP has been fluctuating in the 2.5 to 3.5 percent range (annual

rate) in the last two years, including a 3.2 percent rate in the third

quarter of 2005. The behavior of the leading index in recent months is

still consistent with continued expansion of the economy, but its

growth rate is likely to be moderate in the near term.

LEADING INDICATORS. Three of the six components that make up the
leading index increased in November. The positive contributors-in
order from the largest positive contributor to the smallest-are the
order books survey, the Spanish contribution to Euro M2, and the
Spanish equity price index. The inverted long-term government bond
yield, job placings, and the capital equipment component of industrial
production decreased in November.

With the increase of 0.1 percent in November, the leading index now
stands at 141.1 (1990=100). Based on revised data, this index declined
0.1 percent in October and increased 0.2 percent in September. During
the six-month span through November, the index increased 1.2 percent,
and three of the six components advanced (diffusion index, six-month
span equals 50.0 percent).

COINCIDENT INDICATORS. All four components that make up the coincident
index increased in November. The positive contributors -in order from
the largest positive contributor to the smallest-are final household
consumption*, the retail sales survey, real imports*, and industrial
production excluding construction.

With the increase of 0.4 percent in November, the coincident index now
stands at 151.1 (1990=100). Based on revised data, this index
increased 0.1 percent in October and increased 0.3 percent in
September. During the six- month span through November, the index
increased 1.5 percent, and three of the four components advanced
(diffusion index, six-month span equals 75.0 percent).

ABOUT THE CONFERENCE BOARD. Founded in 1916, The Conference Board is
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solutions to a wide range of business challenges. The Board's
Economics Program, under the direction of Chief Economist Gail Fosler,
is a recognized source of forecasts, economic analysis and objective
indicators such as the Leading Economic Indicators and the Consumer
Confidence Index.

This role is part of a long tradition of research and education that
stretches back to the compilation of the first continuous measure of
the cost of living in the United States in 1919. In 1995, The
Conference Board assumed responsibility for computing the composite
indexes from the U.S. Department of Commerce. The Conference Board now
produces business cycle indexes for the U.S., Australia, France,
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Summary Table of Composite Indexes

2005 6-month

Sep. Oct. Nov. May -Nov.

Leading Index 141.1 141.0 r 141.1

Percent Change +0.2 -0.1 r +0.1 +1.2

Diffusion 50.0 33.3 50.0 50.0

Coincident Index 150.4 p 150.5 p 151.1 p

Percent Change +0.3 p +0.1 p +0.4 p +1.5 p

Diffusion 100.0 37.5 87.5 75.0

n.a. Not available p Preliminary r Revised

Indexes equal 100 in 1990 Source: The Conference Board

For more information visit our Website:

http://www.conference-board.org/economics/bci/

The next release is scheduled for February 16, 2006 at 9:00 A.M. (ET)

In Spain -February 16, 2006 at 3:00 P.M. (CET) SOURCE The Conference Board