Spain – 2023-2024 Scenario: moderate slowdown on the horizon
- 2023.02.11
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- Summary
- Recent economic trends
- Outline of our scenario
- Focus – Public finances
In summary
Spanish GDP rose 0.4% in Q3 on the back of strong growth in private consumption (+1.6%) and investment (+4.6%), while the contribution of foreign demand was negative, by -1.3pp. Activity was primarily driven by services in spring, including artistic, recreational and other services, information and communications as well as non-market services. Conversely, the primary sector and, to a lesser extent, the industrial, energy and real estate services sectors recorded declines in activity.
Spain's GDP has proved more dynamic than the Eurozone average, largely owing to differences in the sector composition of the economy, notably the greater weight of hotel and tourism-related services, which have benefited from strong demand since the spring. The weight of manufacturing industries, which are less dynamic than services, is comparatively lower in the Spanish economy, however.
Ticiano BRUNELLO, Economist