The INE revises growth in the second quarter upwards by one tenth while the economy is already beginning to cool down

The National Institute of Statistics (INE) has raised growth to 0.5% in the second quarter of the year, which represents an increase of one tenth compared to the anticipated data.. “Spanish GDP registers a variation of 0.5% in the second quarter of 2023 compared to the previous quarter in terms of volume. This rate is one tenth lower than that registered in the first quarter and also one tenth higher than the rate advanced on July 28,” the organization specifically points out..

This review by the organization completes the notable increase that last Monday made in the data for 2021 and 2022, which showed that the economy recovered the level of GDP prior to the crisis already in 2022 and not at the beginning of this year, as estimated. until now. And, furthermore, it occurs while the economy begins to cool, as the Bank of Spain and the Independent Authority for Fiscal Responsibility (AIReF) have warned..

“We have all seen that the available indicators and data point to this slowdown in economic growth for the second half of the year, which is also accompanied by a certain loss of dynamism in regards to the labor market,” Cristina Herrero explained yesterday. , president of AIReF, during an informative breakfast organized by Nueva Economía Fórum in Madrid.

“The elements that support this slowdown in economic growth were already anticipated before the summer and now what has happened is that they have been confirmed. Now, the economic slowdown seems to be occurring with greater intensity and with greater anticipation,” he added.

The Bank of Spain, for its part, warned in the forecasts it published this Tuesday of the “weakening” of the economy, and although it maintained the GDP growth figure at 2.3% for this year, it lowered the figure for the year which comes in up to four tenths, leaving it at 1.8%.

“Dynamism, solidity and resilience”

The Ministry of Economy, on the other hand, highlights that the data published in recent days “certify the dynamism, solidity and resilience of the Spanish economy with a growth of more than 2%, which is especially significant in a context of high international uncertainty.” and rate hike”.

Nadia Calviño's department highlights the good performance of domestic demand, which grew by 2.3% in the second quarter “thanks to the positive evolution of household consumption and the improvement of investment, especially construction”. “Job creation is also accelerating, with 576,000 more full-time part-time jobs,” he adds..