The first quarter was better than expected, despite high inflation and rising interest rates. The Spanish economy advanced 0.5%, mainly thanks to the increase in exports and investment, compared to the 0.2% growth recorded in the last quarter of 2022 – although it is now revised to 0.4% -. GDP had slowed in the latter part of last year due to the fall in consumption due to high inflation, but still managed to finish 2022 with a growth of 5.5%. In this first part of the year, the economy is breathing air and accelerating until it is close to pre-pandemic GDP levels, when Spain was the last country in the Eurozone to reach it. The real-time forecasting models of the Tax and Customs Administration (Airef) predicted an increase of 0.7% to 1% per quarter, but in the end the economy has progressed by 0.5%. From the Ministry of Economic Affairs, they rate this data very positively, indicating that GDP was the only indicator waiting to recover to pre-pandemic levels, as “the rest is far above it, such as employment, youth unemployment, investment and productivity”. In an international context of great uncertainty, marked by the consequences of the Russian war in Ukraine, the Spanish economy continues to show its strength and resilience. Thanks to this quarterly growth, the economy will grow by 3.8% year-on-year, nine-tenths more than in the last half of 2022. This is mainly due to the investment and export drive, despite the international context that, in addition to The war in Ukraine was marked in the first part of the year by the outbreak of the US financial crisis in March. Desktop Code !function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r[r].contentWindow===a.source){var i=a.data[“datawrapper-height”]
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
