Spain | Activity could slow down again in 1Q20

Summary

After recovering some traction at the end of 2019, growth could decrease to 0.4% in the first quarter of 2020. Demand composition remains volatile and monthly records continue to show signs of weakness in the labor market

Key points

• Key points:
• The upsurge in activity in 4Q19 may have been temporary
• The sluggishness of investment shapes the evolution of domestic demand
• The recovery in external demand consolidates
• The slowdown in job creation continues
• Inflation continues its gradual trajectory of recovery

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