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The Spanish economy’s greater resilience vis-à-vis the euro area in 2023: the role of sectoral composition

Author

Listed:
  • Alejandro Fernández Cerezo

    (Banco de España)

  • Iván Kataryniuk

    (Banco de España)

  • Francisco José Rodríguez

    (Banco de España)

Abstract

Rationale Against a backdrop of weaker global and euro area activity, in 2023 to date the Spanish economy has shown notable resilience compared with other European economies. This article aims to illustrate some of the factors explaining this greater strength. Takeaways •The differences between the sectoral composition of the Spanish economy and that of the euro area seem to explain in part the greater buoyancy of activity in Spain. •Spain has less trade exposure to China (whose recent slowdown is one of the main factors behind the global economic slowdown) than the other euro area economies. •The Spanish economy continuing to outperform the euro area over the coming quarters will depend on how lower expected growth in manufacturing is passed-through to services or whether tourism loses momentum.

Suggested Citation

  • Alejandro Fernández Cerezo & Iván Kataryniuk & Francisco José Rodríguez, 2023. "The Spanish economy’s greater resilience vis-à-vis the euro area in 2023: the role of sectoral composition," Economic Bulletin, Banco de España, issue 2023/Q4.
    • Handle: RePEc:bde:journl:y:2023:i:04:n:03
    DOI: https://doi.org/10.53479/34552
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    More about this item

    Keywords

    Confidence; economic outlook; productive structure; energy crisis; international trade;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • F10 - International Economics - - Trade - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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