Spain Economic Outlook. Fourth quarter 2019

Summary

The growth of the Spanish economy is revised downwards to 1.9% in 2019 and 1.6% in 2020, due to the historical revision of the activity data, the negative trend of some demand components and the deterioration of the international context

Key points

• Key points:
• The prospects of a slowdown in global economic activity are strengthened, in an increasingly uncertain environment marked by trade tensions
• The pace of progress in activity will remain moderate, supported by a weak domestic demand
• Monetary policy will only partially alleviate the effects of a more turbulent international environment
• The labor market cools down in the third quarter, although its recovery is expected to continue in the future
• Despite lower growth expectations, risks continue on the downside

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