Consumption sustained the economy until June due to the fall in exports

Date: September 22, 2023 Time: 13:29:01

The national economy supports the rate in a context of paralysis of Spain’s main trading partners due to the sharp rise in interest rates and the slowdown in international trade. GDP advanced 0.5% in the second quarter, increased by household consumption, one tenth more than what the National Institute of Statistics (INE) had initially calculated. The National Accounts data published this Friday also confirm that activity grew by 0.6% between January and March, also one tenth more than initially estimated.

“The 2023 data certify that the dynamism, solidity and resilience of the Spanish economy is maintained with growth of more than 2%, which is especially significant in a context of high international uncertainty and rising interest rates,” sources from the Ministry of Economic Affairs, which focuses on the upward revision of the National Accounting data that Statistics has been carrying out – the last to verify that activity recovered earlier and more strongly from the coronavirus pandemic.

The data for the first half of the year offer a somewhat different image than that seen with the most recent indicators, those for the second part of the year. This same week, two national organizations confirmed the deceleration process in which the Spanish economy is currently immersed. On the one hand, the president of the Independent Authority for Fiscal Responsibility (AIReF); CRSITINA Herrero, warned on Thursday that the downturn in the crewundo, in part, is being accompanied by a loss of dynamism in the labor market and that this slowdown is going to occur, moreover, “with more intensity and with greater anticipation,” she noted.

On the other hand, the Bank of Spain maintained its GDP estimate for this year at 2.3%, but in its Quarterly Economic Report it lowered the calculation for the next one by four tenths to 1.8%, largely due to The drag effect that will have the least activity throughout this semester. The Spanish economy “has also shown signs of weakening in the summer months,” he noted. The most recent information available to the entity suggests an increase in GDP of around 0.3% in the current quarter.

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September 22, 2023 10:20 pm