Page 29 - Economic report 2020

Chart 3.4
TREND IN HARMONISED CONSUMER PRICES IN SPAIN - Interannual variation rate, as %

General inflation Underlying inflation
Source: Eurostat.

to 1% in autumn 2022. For 2024, GDP growth
SPAIN. MAIN MACROECONOMIC could also remain around 2%. As for inflation,
AGGREGATES - Interannual variation rates Table 3.1 estimates indicate that it will fall to 4%, while
the unemployment rate could reach 12.7% in
2023, according to the European Commission.
2020 2021 2022
Components of demand The positive trend in employment
Private consumption -12.4 6.0 4.5 27
Public consumption 3.5 2.9 -0.7 and falling inflation drive the
Gross fixed capital formation -13.2 5.9 3.5 economy in the first months of 2023.
Domestic demand (a) -9.1 5.2 3.1
Exports of goods and services -19.9 14.4 14.4 The Spanish economy regained momentum
Imports of goods and services -14.9 13.9 7.9 at the start of 2023 due to an improvement
in business confidence, a rebound in job
Components of supply creation, the good results in the tourism sector
Agriculture, livestock and fishing 4.5 2.1 -1.1 and exports, and falling inflation. Harmonised
Industry -13.1 6.6 3.0 inflation fell to 2.9% in May, and underlying
Construction -13.2 -3.0 4.1 inflation to 5.8% in the same month.
Consequently, real GDP grew 0.5% in the first
Commerce, transport and hotels -25.5 15.6 16.5
& catering quarter from the fourth quarter (compared
Information and communications -4.6 7.1 9.5 with the +0.4% recorded in the previous
Financial and insurance activities 5.0 0.8 -5.7 quarter), and the forecasts for the second
quarter of the year are even more favourable.
Real estate activities 0.0 0.4 0.5
Equally, note the quarter-on-quarter falls in
Professional activities -13.8 7.2 7.8 private and public consumption, of 1.3% and
Public administration, health and 1.6%, respectively. The decline in private
education -1.4 1.1 -1.4 consumption indicates the major process of External environment of the Andorran economy | III. Spanish economy
Artistic, recreational & other
activities -21.7 2.6 13.8 adjustment that households are undergoing,
faced with erosion of their purchasing power
GDP at market prices -11.3 5.5 5.5 due to high inflation and the rising cost of
credit. In contrast, investment has rebounded
(a): contribution to GDP growth at market prices. and foreign demand remains dynamic due
to the strength of exports of goods and the
Source: National Institute of Statistics (INE).
strong recovery in international trade flows.