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A triumphant speech

, significantly raising the expected growth for this year, ignoring or, at least, relativizing the obvious slowdown and presuming better comparative performance compared to Europe.

The President of the Government, Pedro Sánchez, has thus boasted of the good progress of Spain during his review of the economic situation.

So much so that his estimate is that the Gross Domestic Product (GDP) will

grow by more than 5% in the present 2022

, data that no national or international organization foresees.

It is true that the new figure for Sánchez is based on the review that the National Statistics Institute (INE) made last Friday, in which it significantly improved the figures for past quarters, and that no body had yet incorporated into its estimates.

The most recent data is what the Bank of Spain offered, also last week, with a forecast of 4.6%.

But

Sánchez's figure goes much further

.

"The revision of the national accounting by raising the growth of the first and second quarters will raise the growth forecasts but

it is difficult for it to exceed 5%

since the third quarter was revised downwards and this last quarter the dynamism is going to be very moderate", explains the general director of the Institute of Economic Studies (IEE).

The CEOE

thin tank

always offers very accurate estimates, and Izquierdo was also president of the INE between 2012 and 2018. That is, he is a highly authoritative and relevant voice for assessing macroeconomic figures.

"The growth close to 5% in 2022 is

statistical but not economic growth

, since it is due to the fact that the end of 2021 was much higher than the average for 2021, this is due to the normalization pull of the second quarter of 2021. In fact , the accumulated growth corresponding to 2022 itself, that is, from January to October 2022, is only of the order of 2.3% after the revisions," he adds.

Returning to Sánchez's appearance, the president has ignored, as has already been pointed out, the sharp slowdown that Spain is suffering.

The official discourse is that Spain is supporting the cooling off better than the rest of the powers in Europe, a point that is true, but also what is that current growth is very close to 0%.

Just one tenth, according to that same INE review.

And the coming months will be of

"considerable weakness",

the Bank of Spain also announced.

According to the criteria of The Trust Project

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