July 25, 2021

Spain's growth loses momentum, warns the OECD

Spain's growth loses momentum, warns the OECD

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

"The indicator for Spain points to a moderation in the growth momentum," a spokesperson for the European Union told Europa Press. OECD in reference to the last reading of the index composed of leading indicators (CLI), which in the case of Spain fell to 98.87 points in September from 99.19 in the previous month.

In this way, this indicator designed to anticipate the turning points of the trend of economic activity in a 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 99.7 the previous month, anticipates the slowdown in the economic growth of the region, while in the OECD It fell to 99.5 points from 99.6 in August, which suggests a loss of economic momentum and is its worst reading since May 2016.

Among the main economies of the euro zone, in addition to the moderation of Spanish growth, there was also a loss of momentum in the growth of Italy, where the figure fell to 99.8 points from 99.9 the previous month, as well as in France, where the data stood at 99.4 integers, compared to 99.6 in August.

In the case of Germany, the leading indicator fell to 99.9 from the 100 points of the previous month, which implies "symptoms of moderation of the growth momentum".

In fact, within the main economies of the OECD Only the US, Canada and Japan escape the general weakening of the trend, since their respective leading indicators reflect "a momentum of stable growth".


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