Spain’s GDP growth turned out to be lower than the initial data showed, because of which the country was named after Europe, compared to other European economies. According to Bloomberg, the official statistical agency of Spain revised an increase in GDP to 1.1 percent in the second quarter, whereas earlier it was 2.8 percent.
Economist JPMorgan Marco Protopapa could not find explanations, with which the revision of the key indicator is associated. “From a regional point of view, Spain now looks isolated and lagging,” he wrote in a research note. “This behavior causes wondering and questions about which signal should be learned from this revision.”
in his opinion, the restoration of Spain will be slower. The economist reduced its GDP growth forecast for 2021 to 4.5 percent from 6.3 percent, since, according to JPMorgan, consumption in Spain also appeared below expectations.
According to the initial results of the second quarter, the Spanish economy has demonstrated the most positive trend in Europe, to overtaken italy by 0.1 percentage points, whose GDP growth rate was 2.7 percent. Bloomberg economists predicted both countries the highest pace of development over the past four decades. At the same time, Spain and Italy more than other states of the region suffered from a pandemic – strict restrictions hit the business and key to the countries of the tourism industry.