Spain recovery

Spanish economy 24th November 2022

The IMF believes that Spain will recover the pre-Covid level in 2024, after a “weak” growth in the coming quarters

The technicians of the International Monetary Fund (IMF) on Wednesday completed their annual review of the Spanish economy, known as ‘Article IV’, and concluded that the country’s gross domestic product (GDP) growth will be “relatively weak” in the coming quarters. “Growth is expected to be relatively weak in the coming quarters due to weak external demand and deteriorating consumer confidence,” the IMF stressed in its conclusions on the country’s economic…

Spanish economy 10th December 2021

Brussels Backs Spanish Plan For Investment In Electric And Connected Cars With 3 Billion Euros

Last week, the European Commission gave the go-ahead for the first 10 billion euros of the recovery fund to reach Spain, pending approval from the other Member States. Today, Brussels has given the green light to the first of the six “Strategic Projects for Economic Recovery and Transformation” (PERTE) which Spain has presented, dedicated to the development of electric and connected vehicles. “This €3 billion Spanish plan will help to…

Spanish economy 16th July 2021

The Automotive Sector Becomes The Target Of The First Spanish Strategic Plan For Economic Recovery

This week, the recovery plan was presented in Parliament, to which, over the next three years, nearly €50,000 million will be allocated. Among the investments of the ten main projects presented, more than €13.2 billion will be earmarked for sustainable mobility and electric cars, making the automotive sector the target of this first strategic plan for economic recovery and transformation (PERTE). This plan will be aimed at encouraging the installation of recharging points (deploying at least 80,000 to 110,000 new recharging points) and the purchase of electric vehicles (reaching 250,000 electric vehicles by 2023 to achieve the target of 5 million electric vehicles by 2023).

Spanish economy 17th June 2021

Brussels Approves Spain’s Recovery Plan, Which May Receive The First 9 Billion In July

This approval will allow Spain to receive as early as next month, after Ecofin’s approval, 9 billion euros as an advance on the 69.5 billion requested. (The rest of the NGEU funds allocated to Spain, up to 140 billion euros, are loans and have not been considered for the time being).According to Brussels’ calculations, Spain should receive another 10 billion euros before end-2021, although this delivery will be subject to the fulfilment of almost fifty objectives. After that, Spain will be able to release new tranches every six months, as it meets a series of targets agreed with the European Commission.

Spanish economy 14th May 2021

The Mirage Of The Recovery Plan

Juan Pedro Marín Arrese | The European plan is still sleeping the sleep of the just. The first consignments are expected after the summer if there are no setbacks and delays. A common occurrence, judging by experience. This delay contrasts with the huge injections of spending on the other side of the Atlantic. Jerome Powell’s tussle with the markets illustrates the extent to which activity has regained its pulse. Once…

Spain approaches cycle maturity: urged to correct current imbalances and weaknesses

Spanish economy 5th May 2021

Is Spain On Its Way To A New “Welcome Mr. Marshall!?”

Pep Ruiz (BBVA Research) | The US economy’s stimulus plan, with a fiscal stimulus that can exceed 12 pp of US GDP, which could increase Spain’s GDP by 0.2 pp and 0.9 pp this year and next year respectively.

Spanish economy 18th February 2021

The Reforms That Spain Needs For Facilitating Recovery After Historic Economic Contraction

Scope Ratings | The government is prioritising growth over budgetary discipline, which for the moment is appropriate given the large output gap. Spain will run a wide budget deficit for some time. For 2021, the authorities forecast a deficit of 7.7% of GDP, which is based on a rather optimistic economic scenario. Thus, should growth be weaker than expected in the coming years, Spain’s public finances would deteriorate further – a risk captured with Scope’s Negative Outlook.

Spanish economy 4th January 2021

2021: Notable But Incomplete Recovery Of The Spanish Economy

CaixaBank Research (Oriol Carreras Baquer and Javier García Arenas | We expect growth in economic activity to pick up in Q2, when the most vulnerable people should have been immunised and international travel can recover more strongly, with growth in the Spanish economy reaching around 6.0% in 2021. While the pace of recovery is high, this would still leave the economy 6.2% below the pre-crisis GDP level. In fact, we do not expect the economy to return to pre-crisis levels until 2023.

Spanish economy 27th October 2020

Spain: Expecting The Unexpected

Economists are getting used to expecting the unexpected. The unprecedented fall in Spain’s GDP—seen during the first half of the year—was followed by one of the highest growth rates ever recorded. In the third quarter of the year, quarterly GDP growth was around 14%. The unusual extent of the growth seen during the recovery is mirrored by the atypical way in which it has taken shape. Growth is expected to return to more ‘normal’ levels in the fourth quarter, i.e. about 2%. While this rate is high in comparison with any quarter in Spain’s recent history, it indicates a sharp slowdown.

Spanish economy 8th September 2020

Spain’s Full Recovery Will Come In 2023

Intermoney | There are important reasons for maintaining a prudent attitude with regard to the Spanish economy, situating its full recovery in the year 2023. This would mean that we would lose more than a decade of the fledgling 21st century. On the other hand, there are also reasons to hope the recovery will eventually take shape and not be too far off. These include the encouraging development of the COVID-19 vaccines, the decisive response from the ECB and the EU, and a lesser impact of the crisis than feared on large European partners and customers.

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