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“Economic indicators do not indicate this situation”


10/26/2022

Updated at 10:25 AM.

“We have to treat expectations with caution.” Less than 24 hours after the Independent Authority for Financial Responsibility (Airef) – the supervisory body that Brussels forced Spain to create after the major financial crisis to ensure the sustainability of public accounts – joined the chorus of analysts who expect Spain to enter a so-called technical recession between the last quarter of the year The current and first of 2023, which saw the economy It would destroy the activity instead of creating itD., Vice President of Economics, Nadia Calvino, has come to the fore to challenge those expectations.

“Economic indicators do not indicate this situation,” the vice president said in a television interview on Wednesday. “What we notice today is that Spain continues to create jobs and that all analysts are pointing out that Spain will not only grow in the next year, but will grow over european countries and most advanced economies.

Calvino has used the data available so far to cast doubt on the possibility that Spain will wreck activity between autumn and spring, a scenario that more and more analysts are assuming is their central approach. It appeals to the job creation data, the rate of growth the economy has shown with the data available to date, and to analysts’ supposed slippage in the past. “There were also analysts who said Spain would go into recession in the second quarter and the economy would end up growing at 1.5%.”



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