Outlook for the Spanish economy in the face of falling energy prices

The combination of labour market resilience and an easing of inflationary pressures arising
from lower energy prices, coupled with higher than anticipated natural gas storage levels in Europe, means that the economy is likely to perform better than initially thought. Albeit
economic uncertainty weighs heavily on forecasting, in 2024, the Spanish economy is expected to reach pre-pandemic growth levels, with fiscal indicators improving in tandem
with recovery; however, fiscal sustainability will depend on the credibility of the targets set for correcting current imbalances and the transformational nature of the investments financed using the NGEU funds.


Spain’s trade competitiveness relative to the eurozone

Spanish exports registered nominal growth of 40% between 2012 and 2021, the highest rate among the euro area’s five largest economies. While the Spanish economy is capable
of improving its internal cost competitiveness and transforming those gains into export
growth, Spain’s export intensity remains below its weight as an economy within the universe
of benchmark economies.


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