August 5, 2021

Calviño uses statistics to defend the "solid foundations" of the Spanish economy

Calviño uses statistics to defend the "solid foundations" of the Spanish economy


The Minister of Economy, Nadia Calviño, has shown her confidence in "the maintenance of a robust growth of the Spanish economy, although moderating towards its potential rate» In this line, the minister has ensured that his department "will follow with attention the environmental risks", which has encrypted in the energy costs, the change of sign in the monetary policy, the slowdown in international markets or the "Bréxit". In any case, he denied that there is concern in Europe about the political situation in Spain and has pointed to the "understanding" of the negotiations around the next Budgets.

Calviño has made these demonstrations during the press conference of the Council of Ministers, in which has used several data to defend that the growth of the Spanish economy is "robust". In particular, although it considered that it would not be "unpunished" to a worsening of the situation abroad, it has put in value the "solid foundation" on which the current expansion is based: the good behavior of domestic demand or investment, among others.

In this sense, he has argued that "the economic cycle was at its peak of growth in 2015 and, since then, it has been moderating, on a path that remains in 2018 and that still registers rates above countries of our environment ». As a sample of the above, he highlighted "the generalized consensus" of national and international organizations around a growth forecast for this year in Spain between 2.6% and 2.8%; and of the range between 2.2% and 2.5% for 2018.

He also recalled that the INE has slightly modified some percentages of the National Accounts, improving the growth of 2015 and lowering the 2016 and 2017, crediting the maintenance at 0.6% of the growth rate of the second quarter. Similarly, he stressed that it remains practically the same the influx of international tourists in 57 million people after "the two previous years of absolute records" and recalled that spending increased by 2.8% over the previous year. «The focus of this Government, reflected in these figures, is bet on an improvement in the quality of tourists who visit our country ", has pointed out vindicating the sustainability of the system.

In the same order, the Minister of Economy, has taken to heart the evolution of Social Security affiliations which have grown by 3% in September compared to the same month of the previous year, and the reduction in unemployment by 6% in year-on-year terms. In addition to highlighting the increase of indefinite hiring of 33% in the ninth month of the year, despite the fact that after the end of the summer has increased by 20,000 people the lists of unemployment.


Calviño, which has been prolix in percentages and data, has also brought up other "less positive" magnitudes as the slowdown in the main export markets, the slowdown in the services sector or the fall of the confidence indicator below the level of 100 points in September.

In any case, it has insisted on the idea that most of the international indicators and institutions have shown "in general confidence the fundamentals on which the economy's growth is based" and qualified that the current moderation was previously planned , besides "not being exclusive of Spain" since it would affect our main export markets. «The ECB has revised downwards the growth forecasts of the Eurozone », has set an example. The owner of Economy, has announced, is "very vigilant" to the impact of possible external factors.

On the recent report of the IMF has defended that this international institution supports the objective of deficit proposed by the Executive "blocked by the Senate" and underlined «Total confidence» of the European Commission in the commitment to fiscal discipline of the current Government.


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