Spanish economy confirmed in second quarter acceleration of plan, According to final data released this Friday by the National Institute of Statistics (INE), there has been a 1.5% increase in the January-March period, significantly higher than the 1.1% projected in July. The year-on-year growth also increased to 6.8%, compared to an estimated 6.3% in July.
The highest cruising pace also occurred in full-time equivalent employment, with a quarter-on-quarter increase of 1% compared to a decrease of 0.4% calculated last July. The second quarter presented a high contrast with respect to the quarter-on-quarter decline of 0.2% shown by the fixed figures for the January-March period.
The provisional data had already indicated a higher rate of activity in the April-June period than the initial forecast, which was able to consolidate between July and September as it strengthened. sightseeing, From the government they understand that the data confirms “the growth strength of the Spanish economy driven by national demand and exports”.
In the executive’s opinion, the measures adopted to protect companies, households and vulnerable groups from rising energy and other raw material prices and progress in the deployment of recovery plans explain the economy’s good performance.
The INE confirmed GDP growth of 5.5% last year and a pick-up in economic growth in the second half of last year. In turn, growth for all quarters from 2021 onwards has been revised upwards, with the exception of those before 2022.
working market Official sources say it also reflects this positive growth of the economy, with 939,000 jobs created last year and improved hourly productivity.
The unknowns arise around the fourth quarter. Some analysts already point to the possibility of a recession (two consecutive quarters of decline), the duration of which will depend on the development of inflation, a variable that currently causes the most concern. At least in the pessimistic case, it will be between the fourth quarter of this year and the first quarter of next year.
increase in the general level of prices (10.5% in August), which began with energyhas been transferred to the economy as a whole and, in particular, FoodsWhich increased by about 14% last month.
In a recent meeting with journalists, professors of IESE, Xavier Vives You Peter Videla Predicted the likelihood of a recession, the depth and duration of which will depend on various factors, such as a rise in the general level of prices and the development of growth war in ukraine, For the time being, a positive growth has consolidated between April and June, mainly thanks to the reactivation of private consumption and the good performance of tourism after poor first quarter figures. Caxabank Research,
The government estimates that the Gross Domestic Product (GDP) will grow by 4.3% this year. For its part, the final panel of the Fundación de las Cajas de Ahorros (Funkas), prepared with forecasts for 19 organizations and services, puts growth forecast at 4.2% this year, “with a sharp slowdown in GDP over the past two quarters: +0.1% in the third and 0.2% in the fourth.” According to the same panel, the recession in 2022 affects the forecast for 2023, which is reduced by six tenths to 1.9%.
study service BBVA Maintains Spain’s growth at 4.1% in 2022 and revises to 1.8% in 2023. The main reason is the shortage of some raw materials and the effect of their high prices. inflation,