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The Spanish economy in 2019

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  • Directorate General Economics, Statistics and Research

    (Banco de España)

Abstract

The Spanish economy prolonged its expansionary phase in 2019. However, its growth rate moderated, owing to the loss of momentum of domestic demand, which countered the larger contribution of the external sector. The deceleration of domestic demand reflected flatter private consumption and investment, while the external demand contribution was the result of an easing in imports and some acceleration in exports. In line with these developments, employment creation grew at a slower pace. In any event, the Spanish economy showed greater resilience to the deterioration of the external context than the euro area, and hence retained its positive growth differential. Inflationary pressures remained contained despite the increase in unit labour costs. Against this background, the Spanish economy moved in early 2020 on a progressively decelerating path towards its potential growth rate. This outlook has been completely changed by the global health crisis caused by COVID-19. It has affected with virulence a large number of countries, including Spain, and is severely disrupting economic activity. The duration and intensity of the crisis is currently shrouded in great uncertainty.

Suggested Citation

  • Directorate General Economics, Statistics and Research, 2020. "The Spanish economy in 2019," Occasional Papers 2011, Banco de España.
    • Handle: RePEc:bde:opaper:2011e
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    References listed on IDEAS

    as
    1. Corinna Ghirelli & María Gil & Javier J. Pérez & Alberto Urtasun, 2021. "Measuring economic and economic policy uncertainty and their macroeconomic effects: the case of Spain," Empirical Economics, Springer, vol. 60(2), pages 869-892, February.
    2. Aitor Lacuesta & Mario Izquierdo & Sergio Puente, 2019. "An analysis of the impact of the rise in the national minimum wage in 2017 on the probability of job loss," Occasional Papers 1902, Banco de España.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Pena-Boquete, Yolanda & Dios-Murcia, Iria, 2021. "Factors behind the employment loss in Galicia: Great Recession of 2008 vs. the first wave of the COVID-19 pandemic," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 30(1), pages 1-18.

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    More about this item

    Keywords

    Spanish economy; investment; exports; imports; deficit; prices; employment;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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