Inflation CPI soars to 5.5% in October, the biggest rise in 29 years
Economic crisis Jug of cold water from the INE: Spain grew in the second quarter almost two points less than announced
The Spanish economy rebounded by 2% during the third quarter of the year, which represents an increase of nine tenths of the revised figure for the second quarter.
In year-on-year terms, the rebound was 2.7%, "a rate 14.8 points lower than that of the second quarter of 2021," according to the National Institute of Statistics (INE).
The data is known after the historical reduction that Statistics of the growth data of the second quarter. In its advance data, that is, the same that it has published this Friday but referring to the months of April to higher, the INE estimated that the growth had been 2.8%. But when he filled it in with the missing information and revised it, the result was that,
in reality, the rebound had been 1.1%
.
This lower growth, coupled with the strong rebound in energy and bottleneck problems in global chains, has unleashed an avalanche of negative revisions in expected growth for both this year and the next.
And that, in turn, has
dismantled the General State Budget project (PGE) for 2022
since the macro table on which they are based contains unrealistic figures.
The Bank of Spain or the Independent Authority for Fiscal Responsibility (AIReF) have pointed this out this week, and the body led by Pablo Hernández de Cos has been especially critical in
also questioning the forecasts of income from taxes
.
AIReF, for its part, put concrete figures on the expected evolution of the economy: this year, the rebound will be
5.5%, one point less than the 6.5%
expected by the Government;
and the next one, the advance will amount to
6.3%, far also from the 7%
that the Executive has reflected in its macro picture.
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