August 1, 2021

Spain's economy slows

Spain's economy slows

The rhythm of growth of the Spanish economy offers symptoms of fatigue, as the Organization for Economic Cooperation and Development (OECD) has warned, in line with the prospects of deceleration detected for the rest of the main economies of the euro zone, as well as for the set of countries of the 'Club of developed countries'.

"The indicator for Spain points to a slowdown in the growth momentum ", a spokesperson for the OECD confirmed to Europa Press, referring to the latest reading of the index composed of leading indicators (CLI), which in the case of Spain fell to 98.94 points in August from 99.25 in the previous month.

Thus, this indicator designed to anticipate the turning points of the trend of economic activity in the period of six to nine months accumulates eight consecutive monthly falls in the case of Spain, reaching its lowest level since August 2013.

In line with the symptoms of weakening growth in Spain, the data for the euro area as a whole, which deteriorated to 99.6 points from 99.8 the previous month, anticipates the slowdown in economic growth in the region, while in the OECD it dropped to 99.6 points from 99.7 in July, suggesting a loss of economic momentum.

In fact, within the main OECD economies only the US and Japan escape the generalized weakening of the trend, since their respective leading indicators reflect "a momentum of stable growth", while in the case of Germany the leading indicator points to "stabilization" of growth.


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