The Spanish economy entered an intense slowdown profile in the summer months. National Accounting data released this Friday by the National Institute of Statistics (INE) ‘one is lime and the other is sand‘. While INE significantly corrected the Spanish economy’s growth in the first half of the year, on the other hand, it reduced the progress made in the third quarter of the year from 0.2% to 0.1%, That’s one-tenth below what the INE itself predicted on 28 October. The one-tenth rate of growth in the third quarter reflects a sudden slowdown in the economy during the summer months, as the 2% increase in the second quarter was 1.9 points below the surprise.
However, compared to the same period in 2021, GDP grew 4.4% year-on-year, which is much higher than the 3.8% expected at the end of October, and what does that have to do with it. drag effect derived from the upward revision of the first semester. GDP grew at an annual rate of 7% in the first quarter, according to new data released by INE this Friday; 7.6% in the second and 4.4% in the third. These data straighten up the previous 6.7%, 6.8%, and 3.8% rankings. But they also highlight the slowing profile of the Spanish economy.
All components national eligibility they stood dead in the third quarter and inflation had a lot to do with it. In current money, households spent almost 10% more in summer than in the second quarter (9.9%); however, in real terms, after discounting the price increase, household consumption, which had increased by 1.7% in the previous period, barely increased by 0.1% in the third quarter.
The government’s perspective highlights that the growth for the year as a whole is already above the government’s and other analysts and institutions’ forecasts. In addition, the relevant preliminary data fourth trimester It marks a slightly higher growth rate than the third rate, as predicted by the Secretary of State for the Economy this Monday, Gonzalo Garcia Andres. Thus, the Economy argues that it is very likely that the GDP will grow above the 4.4% forecast in the macroeconomic picture updated by the Government in September for the whole of 2022. In fact, the Bank of Spain has already raised its forecast for this year to 4.6%, while at the same time cutting its forecast for next year by a tenth to 1.3%.