Chart of the Week
While the GDP of the entire Eurozone has been struggling since the third quarter of 2022, alternating between slightly positive and slightly negative quarters, Spain is showing much stronger growth figures, between +0.4% and +0.6% over the same period.
As the chart below shows, this favorable dynamic has enabled the Spanish GDP to catch up the delay accumulated since the Covid crisis compared to the rest of the Eurozone. Both Spain and the Eurozone have seen their GDP increase by nearly 3% since the fourth quarter of 2019.
Spanish growth benefited in particular from a very positive contribution from public spending, which directly boosted GDP, as well as from service exports, mainly thanks to tourism.
Currently, confidence indicators remain better oriented in Spain than in the rest of the Eurozone, which is particularly penalized by the German slump. This positive dynamic should enable Spain to play a supporting role in the Eurozone, even though the country only represents 10% of the zone.
Written on Feburary 9, 2024. This is not an investment advice. Opinions subject to change.
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