OECD-led analysis shows Spain is among a group of neighboring economies that have not yet returned to their pre-pandemic GDP levels. Germany, the United Kingdom, and the Czech Republic are also in that cohort, with Spain nudging closer to parity. The OECD’s quarterly GDP update released this week indicates that the aggregate GDP for these economies sits about 4.5% above the end-2019 benchmark for the wider group. Within the union, activity has already surpassed pre-pandemic levels by roughly 3.1%, while the euro area as a whole remains about 2.5% above that threshold. In terms of proximity to parity, Germany is about 0.1 points shy of equal footing with pre-pandemic GDP, the United Kingdom is around 0.5 points away, and the Czech Republic stands roughly 0.9 points from that milestone. These figures help illustrate the uneven pace of recovery across major European economies and the persistent gaps that remain after the pandemic shock, as reported by the OECD.
In the OECD bulletin published this week, Spain is highlighted among countries with slightly above-average growth in the first quarter of the year. Spain grew by about 0.5% in that period, while the euro area posted around 0% growth. By comparison, the OECD as a whole registered about 0.4% growth, and the European Union roughly 0.2%. This snapshot places Spain above the broader regional trends and aligns with a broader pattern of modest but steady expansion across several member economies during the early part of the year.
Looking at quarterly performance, the OECD notes a modest acceleration in growth for its member economies in the first quarter of 2023, with an expansion of 0.4% compared with 0.2% in the fourth quarter of 2022. Among the economies delivering the strongest quarterly gains, Poland leads with about 3.9%, followed by Portugal at 1.6% and Greece around 1.37%. Spain’s parallel growth stood at roughly 0.5%, while Ireland reported a notably higher rate of 2.72% for the quarter. Germany posted a slight uptick of about 0.05% after a prior quarter’s decline of 0.5%, and France saw a modest rise near 0.18%. These movements reflect a mixed but generally positive trajectory across the continent as economies recalibrate after the pandemic.
From the year-on-year perspective for the first quarter of 2023, Spain registered a 3.8% increase in GDP relative to the same period in 2022. Government sources note that this rate stands out as one of the strongest among the major OECD economies surveyed by the organization. The upshot is a continental picture of improving activity compared with the prior year, underscoring the uneven but ongoing recovery across the major European players and the broader OECD group as it continues to adjust to post-pandemic demand shifts and supply conditions. The OECD data emphasize that while some economies are nearing or surpassing pre-pandemic outputs, others still face a longer path back to those levels, highlighting the importance of sustained policy support and timely investment to unlock higher growth momentum across the region. [Citation: OECD quarterly GDP statistics]
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