The Spanish economy is experiencing a positive trend, with GDP growth of 0.7% at the start of the year, which is double the European average. This growth is mainly driven by the foreign sector, accounting for almost 70% of the expansion, thanks to increased service exports and decreased imports. The remaining 30% comes from domestic demand, with rebounding investments and stable family consumption.
Despite the positive indicators, concerns have been raised about whether the Spanish economy can sustain this balanced growth cycle. While factors such as international competitiveness, access to energy, supply chain optimization, and immigration have helped strengthen the economy, challenges such as the energy crisis and geopolitical tensions could have unforeseen impacts.
The current deviation in consumer preferences has shifted towards services over goods, positively impacting the services sector but causing a decline in industry and construction in the goods sector. However, it is expected that imports will recover as consumer preferences change. Looking ahead, maintaining an expansionary cycle will depend on continued investment in technological advances and promoting structural changes in production models. Investment is crucial for achieving sustainable growth and convergence with Europe.
In summary, despite positive indicators of economic growth in Spain’s GDP growth at 0.7%, there are concerns about whether it can sustain this balanced growth cycle due to challenges such as energy crisis and geopolitical tensions. Furthermore, shifts in consumer preferences towards services over goods impacted both sectors differently – while services grew positively, industry and construction declined negatively. To maintain an expansionary cycle going forward