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Has Spanish GDP for Q4’23 Been Encouraging?

10 mins.
01 FEBRUARY, 2024
Leopoldo Torralba
Ignacio de la Torre, Ph. D.
Macro Spain Spain AER España
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In 2023, expectations for Spanish GDP pointed to stagnation or even a slight decline due to Europe's economic weakness, sharp interest rate hikes, and the cumulative loss of purchasing power experienced in 2021-22. Domestic political uncertainty only added to these fears. Spain's National Statistics Institute (INE) has just published GDP data for the last quarter of 2023. This complete and complex picture of 2023 requires a more in-depth analysis than usual and a search for second drivers that help us gain insight into the causes of the underlying trends. In this note we provide a concise analysis of the published data to extrapolate whether both 2023 and its final quarter have been positive or negative for Spain's GDP, which trends may endure and how this assessment means for the economic growth for 2024.

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