As we explore the evolving economic landscape of Spain, it is crucial to examine the indicators that have emerged in recent weeks, pointing to a gradual slowdown in the economy. Is Spain on the verge of a worrisome recession? In this regard, our update analyses the most recent and significant data regarding consumption, investment, construction, and the external sector. Moreover, it provides an in-depth analysis of the severity of the situation, offering valuable insights that will shape our strategic approach in the upcoming quarters, as well as in 2024 and beyond.