Madrid, 6 July. (Europe Press) –
Spain’s economy will grow by 2% throughout the year, while growth in the second quarter of 2023 will be 0.6%, equal to the growth in the first quarter of the year, according to the ‘Economic and Financial Report . July 2023’ from Esade.
The data provided by Esade this Thursday showed that the Spanish economy will grow by around 2% by 2023 with macroeconomic indicators so far, according to data provided by the ‘Real Time Tracker’ tool, the body said. The tool is not intended to “give an annual growth rate” because without real-time information, “the model is not ready to be very accurate,” so annual data may change.
However, from Esade they peg Spanish gross domestic product (GDP) at 0.6% in the second quarter, which is rated as “not bad”, but includes “a weaker second quarter in growth compared to the first quarter”. .
EsadeEcPol senior fellow, Manuel Hidalgo, during the data measurement, he used the ‘Real Time Tracker’ tool, the growth rate for the second quarter of the year was raised to 0.8%, but given the poor data. Indicators such as the “low” connectivity data given in June, this data has been revised downwards.
On the other hand, he highlighted the weakness of private consumption in demand and if this indicator stabilizes in the second half of the year, growth factors are maintained if the global and European economy continues to weaken. The momentum of the Spanish economy may “disappear”.
However, Hidalgo cautioned that a contractionary phase of Spain’s economy is not expected in the short term, although “low growth”.
Regarding the possible recovery in private consumption in 2024, the expert pointed out that if interest rates reach their maximum in the summer, start to fall and gain some confidence about the future, a recovery can be expected, despite the effects of the rate. The increase will continue to be experienced in 2024.
