On 24 September 2019, the Bank of Spain reduced its 2019 growth estimate for the country from 2.4 to 2.  Since then, the media has heralded an ‘abrupt’ slowdown, generally attributed to the current political stalemate. That analysis is debatable.  In this report, we explore the data behind the downward revision, analyse the international situation, and position ourselves regarding growth prospects in the current political climate.