Sánchez sells a ‘fake’ recovery: the Spanish economy grows less than the European average

Share your love

“Spain today grows, creates jobs and is in full economic recovery”, assured the President of the Government, Pedro Sánchez, just a few days ago. However, the reality is that the Spanish economy, with a growth of Gross Domestic Product (GDP) in the third quarter of 2% compared to the second, it has once again registered a quarterly evolution worse than the average for the euro zone. A recovery that has already been overthrown by nearly thirty national and international organizations. The last to do so: the Organization for Economic Cooperation and Development (OECD).

According to data published by Eurostat This Tuesday, the Gross Domestic Product (GDP) of the euro zone registered an expansion of 2.2% in the third quarter of the year, in line with the data for the second quarter, which boosted employment growth by 0.9% , one tenth above the increase observed in the second quarter.

Compared to the third quarter of 2020, the euro zone economy grew by 3.9%While that of the Twenty-seven increased by 4.1% thanks to the improvement in household consumption due to the elimination of restrictive measures by the different governments. However, the new South African variant could reduce private spending for the fourth quarter of the year.

For its part, the Gross Domestic Product (GDP) in Spain registered a growth of 2% in the third quarter, below the 2.2% of the euro zone average. A trend that has occurred in each quarter of 2021. Thus, in the second quarter of 2021, Spain had grown by 1.1%, compared to 2.2% in the euro area, and in the first three months of the year Spanish GDP contracted by 0.6%, compared to the average decline of 0.2% in the euro area. Some data that reflect how Spain is registering a recovery of the economy that is lagging behind -as the International Monetary Fund (IMF)– than the average of the euro zone.

Read Also   Two decades of change: how Afghanistan evolved after the overthrow of the Taliban

All EU countries for which data were available posted positive GDP growth rates in the third quarter, except Lithuania (0%). The highest rate of quarterly expansion between July and September corresponded to Austria (3.8%), ahead of France (3%) and Portugal (2.9%), while the smallest increases were observed in Slovakia and Romania (0,4%).

Sánchez’s ‘fake’ recovery

The Prime Minister has indicated that the employment data, released last Thursday, show that Spain “It grows, creates jobs and is in full recovery”, despite against with more than three million unemployed and registering a growth lower than the European average. Thus, from the Executive, they continue to sell the ‘fake’ recovery and trust everything to the distribution of European funds.

“Spain is in full economic recovery with the best month of November in the historical series, with 74,381 fewer unemployed persons and a record number of contracts. Today Spain is growing, creating jobs and is in full economic recovery, “said Sánchez, indicating that there are 61,768 more affiliated with Social Security. Some data inflated by the hiring for the Christmas campaign.

Checking with data?

The Government spokeswoman, Isabel Rodríguez, has begun her intervention after the meeting of the Council of Ministers this Tuesday by making a plea in defense of the economic “recovery” that, as she has said, is already underway. “Verifying with data”, in front of the «noise that is there».

“This is a government that is committed to recovery, and since the noise is there, it is convenient for the public to have objective answers”, The Minister of Territorial Policy also pointed out at the beginning of her appearance before the media after the council of ministers.

Read Also   Madrid is the only capital of the EU with its region outside the extreme risk of Covid

Article Source

Share your love