The GDP has grown by 0.1% during the third quarter, one tenth less than expected in the advanced data from the National Institute of Statistics. However, this reduction is combined with an upward revision of GDP growth in the first three months of the year. Some revisions produced by the readjustment of seasonal factors after the exceptional situation caused by the pandemic.
The Ministry of Economy points out that the INE has revised GDP growth upwards in the first three quarters of 2022, "placing the year as a whole above the forecast of the Government and the rest of analysts and institutions". In this way, the economy "already reaches the 4.4% growth estimated by the Government for the year as a whole"
They also point out that there is an upward revision of the interannual rate for the third quarter, which goes from 3.8% to 4.4%.
This week the Bank of Spain ruled out the possibility of a technical recession, forecasting growth of one tenth of a percentage point for the next quarter, also minimal activity in the first months of 2023, and finally a recovery in the spring. All this would lead to growth this year of 4.6% and 1.3% next year.
