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1 Global economic activity gained traction over the first months of 2023, driven by the highly buoyant services sectors — Over the last few months, in a setting of relative sluggishness in manufacturing, the considerable buoyancy of
The Spanish economy has displayed notable resilience in the first half of the year. In 2023 Q1, Spanish GDP grew by 0.5% (as against a decline of 0.1% in the euro area). The strength of the Spanish economy was underpinned, among other factors, by the recovery in tourism activity and the buoyancy of exports of other non-tourism services.
Recent economic performance in Spain According to the revised quarterly national accounts, Spanish GDP recovered pre-pandemic levels in the first quarter of 2023, having increased by 0.6% from the previous quarter. The fourth quarter 2022 growth figure was revised upwards to 0.5%.
Executive Summary. The economy is proving resilient. In a context of high inflation and an uncertain outlook due to Russia’s war of aggression against Ukraine, the Spanish economy has held up well. The cost of living has increased, spurred by rising food and energy prices.
Spain. GDP growth is projected to slow to 2.1% in 2023 and 1.9% in 2024, after two years of strong post-COVID growth of 5.5%. Lower inflation and a resilient labour market will support households’ consumption. Stronger external demand will underpin export growth.
Jan 17, 2024 · Specifically, gross disposable household income grew by a remarkable 10.6% year-on-year in Q3, while final consumption expenditure increased by 4.5%. As a result, the savings rate climbed to 11.0% (cumulative four-quarter figure), representing a 1.1-pp increase compared to Q2 2023.
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GDP growth has been stronger than expected so far in 2023, but is now moderating as the impact of tighter financial conditions, weak trade growth and lower business and consumer confidence is increasingly felt.
