Spain | Economic cycle in the first half of 2019

In this Watch, the structural factors that allow us to explain the cyclical behavior of the Spanish economy during the first half of 2019 are evaluated, and the impact of the main changes affecting GDP.

Key points

• Key points:
• The review by the INE (Spanish Office of National Statistics) of the Quarterly Accounts came as a shock, revealing a more severe slowdown in the Spanish economy than previously observed.
• Estimates show that supply factors started to negatively affect growth from the end of 2018.
• Contributions from aggregate demand factors have increased, but have only been able to partially offset the decline of supply factors.

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