Spain Real Effective Exchange Rate
1993 - 2025 | Monthly | 2005=100 | CEIC Data
Key information about Spain Real Effective Exchange Rate
- Spain Real Effective Exchange Rate (HCI: 2005=100: Month Avg: Spain) was 99.6 in Dec 2025, compared with the number of 99.4 in the previous month.
- Spain Real Effective Exchange Rate data is updated monthly and averaged 106.8 from Jan 1993 to Dec 2025.
- The data reached an all-time high of 106.8 in Apr 2008 and a record low of 86.5 in Oct 2000.
CEIC generates Real Effective Exchange Rate Index with base 2005=100. European Central Bank provides Harmonized Competitiveness Indicator with base 1Q1999=100. CPI is used as a deflator. An increase in REER indicates reduced competitiveness for the reporting economy. Spain is part of the Euro Area since January 1999.
Related information about Spain Real Effective Exchange Rate
- In the latest reports, Spain Short Term Interest Rate: Month End: EURIBOR: 3 Months was reported at -0.6 % pa in Nov 2021.
- The cash rate (Policy Rate: Month End: Main Refinancing Operations) was set at 2.1 % pa in Dec 2025.
- Spain Exchange Rate against USD averaged 0.9 (USD/EUR) in Oct 2025.
View Spain's Real Effective Exchange Rate from Jan 1993 to Dec 2025 in the chart:
What was Spain's Real Effective Exchange Rate in Dec 2025?
Spain Real Effective Exchange Rate (HCI: 2005=100: Month Avg: Spain) was 99.6 in Dec 2025, compared with the number of 99.4 in the previous month. See the table below for more data.
| Last | Previous | Min | Max | Unit | Frequency | Range |
|---|---|---|---|---|---|---|
| 99.6 Dec 2025 | 99.4 Nov 2025 | 86.5 Oct 2000 | 106.8 Apr 2008 | 2005=100 | monthly | Jan 1993 - Dec 2025 |
Real Effective Exchange Rate by Country Comparison
| country/region | Last | Frequency | Range |
|---|---|---|---|
| Algeria (2005=100) | 98.5 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Argentina (2005=100) | 58.6 Dec 2025 | monthly | Jan 1997 - Dec 2025 |
| Armenia (2005=100) | 240.6 Nov 2025 | monthly | Jan 1997 - Nov 2025 |
| Australia (2005=100) | 104.0 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Austria (2005=100) | 106.2 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Azerbaijan (2005=100) | 144.3 Nov 2025 | monthly | Jan 2005 - Nov 2025 |
| Bahrain (2005=100) | 92.5 Dec 2025 | monthly | Jan 1980 - Dec 2025 |
| Bangladesh (2015-2016=100) | 99.5 2024 | yearly | 2011 - 2024 |
| Belarus (2005=100) | 101.0 Dec 2014 | monthly | Jan 1996 - Dec 2014 |
| Belgium (2005=100) | 105.4 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Bolivia (2005=100) | 48.8 Aug 2025 | monthly | Jan 1991 - Aug 2025 |
| Bosnia and Herzegovina (2005=100) | 97.9 Oct 2025 | monthly | Jan 2005 - Oct 2025 |
| Botswana (Dec2018=100) | 95.1 Sep 2025 | monthly | Dec 2009 - Sep 2025 |
| Brazil (2005=100) | 88.0 Oct 2025 | monthly | Jan 1988 - Oct 2025 |
| Bulgaria (2005=100) | 132.1 Nov 2025 | monthly | Jan 1993 - Nov 2025 |
| Canada (2005=100) | 87.7 Sep 2025 | monthly | Jan 1999 - Sep 2025 |
| Chile (2005=100) | 106.7 Dec 2025 | monthly | Jan 1986 - Dec 2025 |
| China (2005=100) | 131.9 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Colombia (2005=100) | 100.4 Nov 2025 | monthly | Jan 1990 - Nov 2025 |
| Croatia (2005=100) | 106.9 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Cyprus (2005=100) | 90.0 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Czech Republic (2005=100) | 149.2 Oct 2025 | monthly | Jan 1995 - Oct 2025 |
| Denmark (2005=100) | 98.9 Sep 2025 | monthly | Jan 1970 - Sep 2025 |
| Ecuador (2007=100) | 110.3 Nov 2017 | monthly | Jan 2011 - Nov 2017 |
| Estonia (2005=100) | 146.5 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| European Union (2005=100) | 95.2 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Finland (2005=100) | 94.1 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| France (2005=100) | 91.0 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Georgia (2005=100) | 129.0 Nov 2025 | monthly | Dec 1995 - Nov 2025 |
| Germany (2005=100) | 96.8 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Ghana (2005=100) | 87.6 Dec 2025 | monthly | Dec 1979 - Dec 2025 |
| Greece (2005=100) | 95.9 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Hong Kong SAR, China (2005=100) | 106.4 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Hungary (2005=100) | 96.7 Nov 2025 | monthly | Jan 1990 - Nov 2025 |
| Iceland (2005=100) | 95.0 Dec 2025 | monthly | Jan 1979 - Dec 2025 |
| India (2005=100) | 104.7 Dec 2025 | monthly | Apr 2004 - Dec 2025 |
| Indonesia (2005=100) | 106.2 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Iran (2005=100) | 1,422.0 Dec 2025 | monthly | Jan 1979 - Dec 2025 |
| Ireland (2005=100) | 86.5 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Israel (2005=100) | 137.2 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Italy (2005=100) | 94.0 Oct 2025 | monthly | Jan 1993 - Oct 2025 |
| Ivory Coast (2005=100) | 101.0 Dec 2025 | monthly | Dec 1979 - Dec 2025 |
| Japan (2005=100) | 54.2 Nov 2025 | monthly | Jan 1970 - Nov 2025 |
| Kazakhstan (2005=100) | 104.8 Nov 2025 | monthly | Jan 1995 - Nov 2025 |
| Kenya (2005=100) | 73.5 Aug 2015 | monthly | Oct 1997 - Aug 2015 |
| South Korea (2005=100) | 75.0 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Kosovo (Jan2007=100) | 124.1 Nov 2025 | monthly | Dec 2006 - Nov 2025 |
| Kyrgyzstan (2005=100) | 139.4 Nov 2025 | monthly | Jan 2000 - Nov 2025 |
| Latvia (2005=100) | 131.1 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Lithuania (2005=100) | 132.6 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Luxembourg (2005=100) | 100.4 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| North Macedonia (2005=100) | 113.7 Sep 2025 | monthly | Jan 1993 - Sep 2025 |
| Malawi (2010=100) | 108.6 Dec 2025 | monthly | Dec 1979 - Dec 2025 |
| Malaysia (2005=100) | 96.4 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Malta (2005=100) | 99.8 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Mexico (2005=100) | 97.1 Nov 2025 | monthly | Jan 1968 - Nov 2025 |
| Moldova (2005=100) | 232.9 Dec 2025 | monthly | Nov 1993 - Dec 2025 |
| Mongolia (2005=100) | 126.8 Sep 2025 | monthly | Jan 2000 - Sep 2025 |
| Morocco (2005=100) | 95.4 Dec 2025 | monthly | Jan 1988 - Dec 2025 |
| Netherlands (2005=100) | 101.1 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| New Zealand (2005=100) | 91.7 Nov 2025 | monthly | Jan 1984 - Nov 2025 |
| Nigeria (2005=100) | 109.0 Dec 2025 | monthly | Dec 1979 - Dec 2025 |
| Norway (2005=100) | 75.3 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Pakistan (2010=100) | 103.7 Dec 2025 | monthly | Jul 2001 - Dec 2025 |
| Paraguay (2005=100) | 61.8 Oct 2025 | monthly | Jan 1995 - Oct 2025 |
| Peru (2005=100) | 85.1 Dec 2025 | monthly | Jan 1991 - Dec 2025 |
| Philippines (2005=100) | 136.0 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Poland (2005=100) | 120.4 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Portugal (2005=100) | 94.8 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Romania (2005=100) | 121.4 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Russia (2005=100) | 116.7 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Saudi Arabia (2005=100) | 124.1 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Serbia (2005=100) | 146.7 Dec 2025 | monthly | Jan 2002 - Dec 2025 |
| Singapore (2005=100) | 136.0 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Slovakia (2005=100) | 143.1 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Slovenia (2005=100) | 102.6 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| South Africa (2005=100) | 91.3 Oct 2025 | monthly | Jan 1970 - Oct 2025 |
| Spain (2005=100) | 99.6 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Sri Lanka (2017=100) | 71.3 Nov 2025 | monthly | Jan 2013 - Nov 2025 |
| Sweden (2005=100) | 82.7 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Switzerland (2005=100) | 116.8 Dec 2025 | monthly | Jan 1973 - Dec 2025 |
| Taiwan, China (2005=100) | 92.5 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Thailand (2005=100) | 124.8 Nov 2025 | monthly | Jan 1994 - Nov 2025 |
| Tunisia (2005=100) | 88.1 Dec 2025 | monthly | Jan 1979 - Dec 2025 |
| Turkey (2005=100) | 63.1 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| Ukraine (2005=100) | 83.8 Dec 2025 | monthly | Dec 1992 - Dec 2025 |
| United Arab Emirates (2005=100) | 121.3 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| United Kingdom (2005=100) | 88.9 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| United States (Jan2006=100) | 114.8 Dec 2025 | monthly | Jan 2006 - Dec 2025 |
| Uruguay (2005=100) | 45.0 Nov 2025 | monthly | Jan 2000 - Nov 2025 |
| Venezuela (2005=100) | 0.8 Feb 2019 | monthly | Jan 1994 - Feb 2019 |
| Zambia (2005=100) | 95.9 Aug 2025 | monthly | Jan 2013 - Aug 2025 |
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Learn more about what we doSpain Key Series
| Government and Public Finance | Last | Frequency | Range |
|---|---|---|---|
| Consolidated Fiscal Balance: % of GDP (%) | -2.9 Sep 2025 | quarterly | Dec 1995 - Sep 2025 |
| Consolidated Fiscal Balance (USD mn) | 18,617.397 Sep 2025 | quarterly | Mar 1995 - Sep 2025 |
| Tax Revenue (USD mn) | 395,586.695 2024 | yearly | 1995 - 2024 |
| Tax Revenue: % of GDP (%) | 22.9 2024 | yearly | 1995 - 2024 |
| National Government Debt (USD mn) | 2,005,898.9 Sep 2025 | quarterly | Dec 1990 - Sep 2025 |
| Government Debt: % of GDP (%) | 103.2 Sep 2025 | quarterly | Mar 1995 - Sep 2025 |
| Forecast: Government Expenditure (EUR bn) | 907.039 2030 | yearly | 1980 - 2030 |
| Forecast: Government Net Debt (EUR bn) | 1,899.352 2030 | yearly | 1980 - 2030 |
| Forecast: Government Revenue (EUR bn) | 865.656 2030 | yearly | 1980 - 2030 |
| General Govt Debt: Loans: Long Term (EUR mn) | 179,872.851 Sep 2025 | quarterly | Dec 1994 - Sep 2025 |
| Public Debt: % of Nominal GDP (%) | 103.200 Sep 2025 | quarterly | Mar 1995 - Sep 2025 |
| General Govt Debt: Loans: Short Term (EUR mn) | 5,864.587 Sep 2025 | quarterly | Dec 1994 - Sep 2025 |
| General Govt Debt: Securities excl Shares: Long Term (EUR mn) | 1,449,048.924 Sep 2025 | quarterly | Dec 1994 - Sep 2025 |
| General Govt Debt: Securities excl Shares: Short Term (EUR mn) | 69,053.565 Sep 2025 | quarterly | Dec 1994 - Sep 2025 |
| General Govt Debt (EUR mn) | 1,709,330.098 Sep 2025 | quarterly | Mar 1994 - Sep 2025 |
| State Government Revenue: ytd (EUR mn) | 283,270.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| State Government Budget Balance: ytd (EUR mn) | -31,321.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| State Government Expenditure: ytd: Current (EUR mn) | 290,055.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| State Government Revenue: ytd: Current: Taxes on Production: Products Tax: VAT (EUR mn) | 91,969.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| State Government Expenditure: ytd: Capital (EUR mn) | 24,536.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| State Government Expenditure: ytd (EUR mn) | 314,591.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| Foreign Trade | Last | Frequency | Range |
|---|---|---|---|
| Forecast: Exports of Goods Growth (%) | 3.385 2030 | yearly | 1980 - 2030 |
| Trade Balance (USD mn) | -6,368.1 Nov 2025 | monthly | Dec 1975 - Nov 2025 |
| Total Exports (USD mn) | 39,820.9 Oct 2025 | monthly | Nov 1975 - Oct 2025 |
| Total Exports Growth (%) | -1.0 Nov 2025 | monthly | Dec 1976 - Nov 2025 |
| Aluminum: Exports (USD th) | 3,641,071.563 2024 | yearly | 1995 - 2024 |
| Exports: Medicament (USD th) | 13,790,056.105 2024 | yearly | 1995 - 2024 |
| Exports: Medicinal and Pharmaceutical Product (USD th) | 5,248,398.853 2024 | yearly | 1995 - 2024 |
| Total Imports (USD mn) | 41,933.6 Nov 2025 | monthly | Dec 1975 - Nov 2025 |
| Total Imports Growth (%) | 4.4 Oct 2025 | monthly | Nov 1976 - Oct 2025 |
| Imports: Medicament (USD th) | 15,521,418.858 2024 | yearly | 1995 - 2024 |
| Imports: Medicinal and Pharmaceutical Product (USD th) | 8,121,038.202 2024 | yearly | 1995 - 2024 |
| Total Exports to USA (USD mn) | 1,586.316 Oct 2025 | monthly | Jan 1960 - Oct 2025 |
| Total Imports from USA (USD mn) | 2,462.603 Nov 2025 | monthly | Jan 1960 - Nov 2025 |
| Total Exports to China (USD mn) | 704.637 Nov 2025 | monthly | Jan 1970 - Nov 2025 |
| Total Imports from China (USD mn) | 5,129.675 Nov 2025 | monthly | Jan 1970 - Nov 2025 |
| Exports: Consumer Goods: Others: Durable: Automobiles (EUR th) | 3,621,911.549 Oct 2025 | monthly | Jan 1981 - Oct 2025 |
| Exports (EUR th) | 32,158,422.710 Nov 2025 | monthly | Jan 1962 - Nov 2025 |
| Exports: Intermediate Goods: Industrial Products: Minerals (EUR th) | 2,985,688.801 Nov 2025 | monthly | Jan 1981 - Nov 2025 |
| Exports: Consumer Goods: Food, Beverages and Tobacco (EUR th) | 5,101,084.721 Nov 2025 | monthly | Jan 1981 - Nov 2025 |
| Exports: Intermediate Goods: Industrial Products: Chemicals (EUR th) | 3,873,894.026 Oct 2025 | monthly | Jan 1981 - Oct 2025 |
| Exports: Europe: Italy (EUR th) | 2,704,537.465 Nov 2025 | monthly | Jan 1960 - Nov 2025 |
| Exports: Europe: Germany (EUR th) | 3,507,606.564 Nov 2025 | monthly | Jan 1960 - Nov 2025 |
| Exports: Europe: France (EUR th) | 4,380,606.167 Nov 2025 | monthly | Jan 1960 - Nov 2025 |
| Exports: Intermediate Goods: Industrial Products: Materials for Transportation P... (EUR th) | 1,741,198.381 Dec 2024 | monthly | Jan 1981 - Dec 2024 |
| Monetary | Last | Frequency | Range |
|---|---|---|---|
| Non Performing Loans Ratio (%) | 2.9 Sep 2025 | monthly | Jan 1962 - Sep 2025 |
| Household Debt: % of GDP (%) | 47.8 Jun 2025 | quarterly | Dec 1989 - Jun 2025 |
| Non-Performing Loans (USD mn) | 39,843.014 Oct 2025 | monthly | Jan 1962 - Oct 2025 |
| Money Supply M1 (USD mn) | 1,624,886.232 Nov 2025 | monthly | Jan 1962 - Nov 2025 |
| Money Supply M2 (USD mn) | 1,927,382.910 Nov 2025 | monthly | Jan 1962 - Nov 2025 |
| M2 Growth (%) | 4.7 Nov 2025 | monthly | Jan 1963 - Nov 2025 |
| Reserve Requirement Ratio (%) | 1.0 Nov 2025 | monthly | Jan 1999 - Nov 2025 |
| Foreign Exchange Reserves (USD mn) | 68,859.7 Nov 2025 | monthly | Jan 1987 - Nov 2025 |
| Foreign Exchange Reserves: % of GDP (%) | 3.471 Sep 2025 | quarterly | Dec 1995 - Sep 2025 |
| Foreign Exchange Reserves: Months of Import (NA) | 1.6 Nov 2025 | monthly | Jan 1987 - Nov 2025 |
| Gold Reserves (USD mn) | 37,913.252 Nov 2025 | monthly | Dec 1956 - Nov 2025 |
| Total Deposits (USD mn) | 1,674,615.017 Sep 2025 | monthly | Jan 2003 - Sep 2025 |
| Total Deposits Growth (%) | 5.1 Sep 2025 | monthly | Jan 2004 - Sep 2025 |
| Domestic Credit (USD mn) | 0.0 May 2025 | monthly | Jan 1999 - May 2025 |
| Domestic Credit Growth (%) | -100.0 May 2025 | monthly | Jan 2000 - May 2025 |
| Debt Service Ratio: Households (%) | 5.100 Jun 2025 | quarterly | Mar 1999 - Jun 2025 |
| Debt Service Ratio: Private Non-Financial Sector (%) | 12.100 Jun 2025 | quarterly | Mar 1999 - Jun 2025 |
| Credit to Households (USD bn) | 842.867 Jun 2025 | quarterly | Dec 1980 - Jun 2025 |
| Credit to Private Non-Financial Sector (USD bn) | 2,355.362 Jun 2025 | quarterly | Mar 1970 - Jun 2025 |
| Household Debt (USD mn) | 907,978.6 Sep 2025 | quarterly | Dec 1989 - Sep 2025 |
| Total Loans (USD mn) | 2,562,405.534 Oct 2025 | monthly | Dec 1989 - Oct 2025 |
| Total Loans Growth (%) | 5.86 Oct 2025 | monthly | Dec 1990 - Oct 2025 |
| Private Debt: % of Nominal GDP (%) | 70.64 Sep 2025 | quarterly | Mar 2003 - Sep 2025 |
| Money Supply: Spain Contribution: M3 (EUR mn) | 1,751,503.000 Nov 2025 | monthly | Sep 1997 - Nov 2025 |
| Money Supply: Spain Contribution: M2 (EUR mn) | 1,661,537.000 Nov 2025 | monthly | Sep 1997 - Nov 2025 |
| Money Supply: Spain Contribution: M1 (EUR mn) | 1,400,764.000 Nov 2025 | monthly | Sep 1997 - Nov 2025 |
| Reserve Assets (EUR th) | 109,008,645.000 Dec 2025 | monthly | Jan 1987 - Dec 2025 |
| Reserve Assets: Foreign Exchange (EUR th) | 58,709,086.000 Dec 2025 | monthly | Jan 1987 - Dec 2025 |
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