The Spanish economy’s greater resilience vis-à-vis the euro area in 2023: the role of sectoral composition

Alejandro Fernández Cerezo, Iván Kataryniuk and Francisco José Rodríguez
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Alejandro Fernández Cerezo: Banco de España
Francisco José Rodríguez: Banco de España

Economic Bulletin, 2023, issue 2023/Q4, No 03

Abstract: Rationale Against a backdrop of weaker global and euro area activity, in 2023 to date the Spanish economy has shown notable resilience compared with other European economies. This article aims to illustrate some of the factors explaining this greater strength. Takeaways •The differences between the sectoral composition of the Spanish economy and that of the euro area seem to explain in part the greater buoyancy of activity in Spain. •Spain has less trade exposure to China (whose recent slowdown is one of the main factors behind the global economic slowdown) than the other euro area economies. •The Spanish economy continuing to outperform the euro area over the coming quarters will depend on how lower expected growth in manufacturing is passed-through to services or whether tourism loses momentum.

Keywords: Confidence; economic outlook; productive structure; energy crisis; international trade (search for similar items in EconPapers)
JEL-codes: E32 E66 F10 F14 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bde:journl:y:2023:i:04:n:03

DOI: 10.53479/34552

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