August 28, 2019
spending latest publications
The matching of GDP growth rates measured by expenditure components and that measured by production value has deteriorated consistently, and recently more sharply.
The fiscal package is sound in macroeconomic terms but introduces some microeconomic distortions. It is built on reasonable and market-aligned economic assumptions. Revenue and spending projections are conservative. As we expected, market reaction was slightly positive.
The country has made great advances in the last twenty or so years in designing an institutional framework that contributes towards having well-ordered public finances. In 2006 the Federal Budget and Fiscal Responsibility Act was passed.
Last week, the budget balance of Spanish public administrations and the situation of the Social Security accounts at 2017 year-end were released. This very useful information can be used to update the change in various components of the theoretical Pension Revaluation Index (IRP from its Spanish initials) for 2018.
April 4, 2018
Got symptoms? High U.S. healthcare spending and its long-term impact on economic growth
Systemic inefficiencies explain the high level of healthcare spending in the U.S. Reducing deadweight losses and redirecting resources to more productive uses could boost output by $8 trillion over 30 years.
The fact that we are not seeing any significant deterioration in activity, in view of the uncertainty arising from the political environment in Catalonia, has cast doubt on estimates of the negative impact that these events could be having. It is very likely that the increased uncertainty is reducing the Spanish economy’s c…
Pese a fuerte incidencia de minería (0,9pp), Imacec de septiembre de 1,3% a/a se ubica bajo lo esperado por el mercado. Sectores no mineros muestran una clara desaceleración, con un crecimiento mensual desestacionalizado nulo. El mes contó con dos días hábiles menos que el año previo.
Sin los fantasmas de la inflación, la devaluación, los impuestos y las altas tasas de interés, el gasto privado mejorará en 2018 y la economía crecerá un 2 % anual, según lo contamos en nuestra recién publicada Situación Colombia.