Bankinter : Fitch maintains Spain’s rating at A- with a stable outlook. Fitch has revised the expected growth for 2023 upwards to 1.9% year-on-year (+0.7pp) reflecting “buoyant recovery in tourism and rising public sector investment. This has offset the weakness in private consumption, which recorded a second consecutive quarterly decline”. It projects a reduction in Public Debt/GDP to 110.4% by December 2024, “driven mainly by nominal GDP growth while primary...

Fernando González Urbaneja| The government’s official discourse is unequivocal: Spain is doing well, the economy is doing very well. Vice-president Calviño comes out insistently with the concept of “leadership” to illustrate every decision of the government in economic and social matters. Gender parity means leadership; the Iberian exception is leadership; the growth of employment and GDP means leadership and so on and so forth. According to the government, Spain is...

Link Securities | According to the second estimate of the data, released yesterday by Eurostat, the Eurozone’s Gross Domestic Product (GDP) grew 0.1% in seasonally adjusted data in 1Q2023 compared to 4Q2022. In 42022 GDP had been stable in the Eurozone (0.0%). The reading was in line with the FactSet consensus of analysts. Compared to the same quarter of the previous year, seasonally adjusted GDP in the Eurozone increased by...

The European Commission (EC) calculates that the Spanish economy will grow by 1.9% in 2023, five tenths above the winter forecast, and above the 1.1% forecast for the Eurozone and the 1% forecast for the European Union (EU) as a whole. Spain’s growth forecast for 2024 remains at 2%. The EC also reduced the Spanish inflation forecast to 4% for the current year, four tenths of a percentage point lower...

Bankinter : 4Q2022 final GDP grows +2.6% year-on-year, adjusted one tenth of a percentage point lower than anticipated. In quarter-on-quarter terms it maintains the preliminary +0.2% year-on-year. GDP for 2022 as a whole confirms +5.5% year-on-year as preliminarily announced. Bankinter research team analysis: Final data for 4Q2022 confirm positive year-end dynamics, as do the indicators for the first months of 2023 (Manufacturing and Services PMIs in the expansion zone). The...

CdM | The Funcas Panel has revised its GDP growth forecast for this year upwards by two tenths of a percentage point to 1.5%, as a result of better-than-expected developments in recent months. For the first time, in this Panel, which closed before the current episode of financial instability, the projections for next year have been requested. The consensus for 2024 anticipates an acceleration of the economy by six-tenths of...