Eurostat has released data on public debt and deficit at the end of the third quarter of the previous year for the euro area and the EU-27. And in both statistics, the Spanish economy has not fared very well in relation to its European neighbours: Spain ranks fourth among European countries with the highest debt-to-GDP ratio (at the end of the third quarter of last year). This is part of…
The Independent Authority for Fiscal Responsibility (AIReF) estimates that last year closed with growth of 5.3%, which represents an upward revision of 9 tenths of a percentage point; and that in 2023 it will be 1.6%, in this case one tenth of a percentage point more than the previous estimate. The main reason for the revision in 2022 comes from the incorporation of updated national accounting data – which revised…
CdM | La Fundacion de Estudios Economía Aplicada (Fedea) calculates that if all the Public Administrations make an effort on fiscal consolidation which reduces the structural deficit to the tune of 0.25% of annual GDP, this would leave the indebtedness level at 110% of GDP in 2032. For the autonomous communities subsector, and with a similar structural adjustment, Fedea flags that the policy objective of 13% of GDP for the…
Luis Alcaide | Little has emerged from the face-to-face meeting between Xi Jinping and Pedro Sánchez during the G7 meeting in Bali. Only the Spanish Prime Minister’s request to his Chinese counterpart to exercise his best offices with Vladimir Putin to stop his invasion and destruction of Ukraine. Nothing has come to light about the bilateral relations between Spain and China, despite the fact that China is the leading international…
Luis Alcaide | At the end of July, Spain’s trade deficit amounted to 38.524 billion euros compared to 6.995 billion in 2021. The explanation was none other than the imbalance between purchases and sales with China and the countries of the Middle East, amounting to 38.503 billion euros. The People’s Republic of China has become the main supplier of goods to Spain. In the first seven months of the year,…
Between January and May, the Spanish trade deficit increased to 26.569 billion euros, 6.5 times more than in 2021. This is the highest level since the Great Recession of 2008, when it reached 42.63 billion euros. The figures for exports of goods to other countries have been above the maximums of the historical series, which began in 1995, since 2022 began. In the cumulative figure between January and May, sales…
Public indebtedness continues to break records. In March, debt registered a new all-time high of over 1.45 trillion euros after increasing by 12.381 billion euros compared to February, according to the statistical advance published yesterday by the Bank of Spain. It is true that the debt-to-GDP ratio stood at 117.7%, far from the 125% it exceeded in March last year. However, that was exclusively due to the economic rebound, which…
The AIREF (Independent Authority for Fiscal Responsibility) warns that the Government’s forecasts are unrealistic and the 2022-2025 Stability Programme “should be more explicit”. During the organisation’s press conference, attended by its president Cristina Herrero and those in charge of budgetary and economic analysis, they warned that the Plan sent to the European Commission on 29 April has “serious shortcomings”. The reason is that despite the fundamental role that the Government…
The trade deficit stood at 10.774.7 billion euros in the first two months of the year, which is almost four times the figure recorded in the same period of 2021. The report on foreign trade by the Ministry of Industry, Trade and Tourism shows that the energy deficit reached 6.984.5 million euros, double the figure for the same period in 2021 (3.110.4 billion euros), while non-energy exports stood at 3.790.2…
Fernando González Urbaneja | The Finance Minister, always cheerful and confident, has presented the budget execution for 2021 with her usual optimism. The deficit stands at 6.9%, three points less than the previous year, a point and a half less than the government’s forecast. The minister gives herself a good mark, a top A, and the media receive the data with not a little optimism, 28% less than the previous…