The prestigious British newspapers Financial Times and The Times have dedicated different articles this week to commenting on the positive evolution of the Spanish economy and, even, to make some comparison with France, where the Government of Emmanuel Macron is not faring well. It is already known that Pedro Sánchez receives more flattery outside of Spain than inside, something that is also consubstantial with the Hispanic character. Criticizing the Government is a free act, and praising it always predisposes to think that whoever does it is because they enjoy some benefits.
But honestly, the results are clear. The latest report from the Bank of Spain, which analyzes the first quarter of this year, concludes that there has been "a gradual strengthening of economic activity in our country" with "a favorable impact (...) that will be especially visible in 2024 and 2025”. And some examples are worth it: job creation has grown to maximum levels last March, and unemployment fell by 49,000 people; year-on-year inflation has gone from 6% in February to 3.3% in March and, finally, Spain has managed to reduce the deficit to 4.8% of GDP, two tenths below the commitment requested by the European Commission.
It seems that now we do not remember all the bad omens that were predicted for the quarter that we have just passed. It hasn't been like that. And for this reason, it is not surprising that in the latest Eurobarometer the percentage of Spaniards who now think that the country's economy is doing very badly has fallen by eight points since the summer, which represents the biggest variation in the 27 states EU members.
The instability in some banks and the war in Ukraine are more than important elements for this trend to change in the future. It would be a mistake to celebrate victory, but the aforementioned report from the Bank of Spain points out that "the global economic context seems to be showing incipient signs of improvement".
Therefore, a good tip is to take advantage of these Easter holidays to rest, relax and think that everything is not so bad. The Spanish economy is holding up much better than expected, and the end of the world that some predicted has not arrived.
