Spain: Stable growth rate – ING
According to Steven Trypsteen, Economist at ING, the Spanish figures are good, with the economy growing at 0.6% QoQ (2.5% YoY) in the third quarter, the same pace as in the second.
Key Quotes
“Given Tuesday's figures from the Eurozone as a whole, things didn't seem to be boding well for Spain. The Eurozone economy slowed to a growth rate of 0.2% QoQ in the third quarter from 0.4% in the previous one, and with Spain being the fourth largest economy in the Eurozone, this could have implied much slower growth in Spain given a weaker external environment, as the Eurozone is the largest export destination for the country.”
“On top of that, survey indicators in the third quarter continued their downward trend; the Purchasing Managers' Index (PMI) has notably dropped quite sharply in recent months.”
“We forecast an annual growth rate of 2.6% in 2018 and 2.0% in 2019, a clear deceleration of economic activity given the more than 3% growth since 2015.”
Author
Sandeep Kanihama
FXStreet Contributor
Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.
