The upward revision of growth published yesterday by the INE does not hide the slowdown anticipated by the forecasts. The Spanish economy holds up better than the European one and has avoided recession, largely thanks to the cushion of European funds and the resistance of consumption, but it suggests signs of stagnation.
Experts foresee a slowdown that, added to other clouds -the contraction of national tourism or the weakness of exports-, point to a slowdown in the economy.
on. The Ministry of Economy yesterday took chest of the correction of the rise in GDP, which passes the
5.5% to 6.4% in 2021 and 5.8% in 2022.
The data come from a controversial review of the INE preceded by the cessation – presented as resignation – of its former president because Calviño did not share his calculation method. A decision that tarnished the credibility of the body. The new figures also do not clear the gloomy forecasts for a year that will be key in the fight against inflation.
The European Central Bank has raised interest rates again, but it cannot act alone to contain a rise in prices
which has been proven resistant. As was made clear in Ecofin, it is necessary for governments - including Spain - to contribute to a responsible fiscal policy that administers aid without burdening the economy with unsustainable debt.
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