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The Spanish economy in 2019

Directorate General Economics, Statistics and Research
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Directorate General Economics, Statistics and Research: Banco de España

No 2011, Occasional Papers from Banco de España

Abstract: The Spanish economy prolonged its expansionary phase in 2019. However, its growth rate moderated, owing to the loss of momentum of domestic demand, which countered the larger contribution of the external sector. The deceleration of domestic demand reflected flatter private consumption and investment, while the external demand contribution was the result of an easing in imports and some acceleration in exports. In line with these developments, employment creation grew at a slower pace. In any event, the Spanish economy showed greater resilience to the deterioration of the external context than the euro area, and hence retained its positive growth differential. Inflationary pressures remained contained despite the increase in unit labour costs. Against this background, the Spanish economy moved in early 2020 on a progressively decelerating path towards its potential growth rate. This outlook has been completely changed by the global health crisis caused by COVID-19. It has affected with virulence a large number of countries, including Spain, and is severely disrupting economic activity. The duration and intensity of the crisis is currently shrouded in great uncertainty.

Keywords: Spanish economy; investment; exports; imports; deficit; prices; employment (search for similar items in EconPapers)
JEL-codes: A10 E21 E22 E24 E31 H6 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2020-05
New Economics Papers: this item is included in nep-mac
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Downloads: (external link) ... 20/Files/do2011e.pdf First version, May 2020 (application/pdf) ... s/20/Fich/do2011.pdf Spanish version (application/pdf)

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