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After reviewing figures three times, INE says Spain grew 5.5% in 2022

On December 23, the National Institute of Statistics reviewed Spain’s 2022 GDP growth, having already reviewed it in September and October. After all the revisions, two points were added to the growth of the first semester and 0.6 to that of the third quarter. Now, the statistics give a preview of GDP in 4Q22, which would have grown by +0.2%, with which growth for the year as a whole would…

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Crédito y CauciónCrédito y Caución

Good European data bolster hopes of avoiding recession

Portocolom AV | The US index of leading indicators, which hit a new low on Monday 23rd, seems to indicate that the US economy will enter recession in 2023. This indicator, which includes key economic data with the aim of predicting the rate of growth, has historically had a very high success rate in anticipating recessions. This has been the case in previous crises, such as the Covid-19 crisis, the…

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Banner CIR, junio 2022

Bank of Canada

Bank of Canada first to “stop and see” after raising rates another 0.25% to 4.5%

CdM | The Bank of Canada hiked +25 bps to 4.5%, the eighth in a row, and intends to pause to see the impact of its monetary tightening in the face of a slowing economy (consumption, housing sector) and moderating inflation. This pause in rate hikes, the first by one of the major central banks, suggests that they consider current rate levels to be restrictive, but in any case say…

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“We are facing a change of era rather than a change of cycle”

Fernando González Urbaneja & Luis Martí | Agustín Carstens, Managing Director of the Bank for International Settlements, Basel (BIS), explains that “I think this is a change of era. While it is true that it may coincide with a change of cycle, I believe we are facing a change of era for several reasons. There are structural factors that helped us during the last few years, since before the global…

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NataliaFabra 2

“Carbon Prices Are Having Perverse Effects”

Carlos Schwartz | Natalia Fabra is a director of Enagás and chair of the European programme “CURRENT TOOLS AND POLICY CHALLENGES IN ELECTRICITY MARKETS”. Q:There seems to be a shift in thinking about pricing mechanisms in the energy sector at the moment. A: Yes, it is part of the paradigm shift. It has been realised that, in the case of the electricity market, it is not correct to remunerate power…

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