Booming economy | The Rioja

The Spanish economy retains its strength, demonstrated in the surprising growth of 0.7% in the first quarter compared to the previous one, well above forecasts. The sustained growth of tourism, the strength of exports and the resistance of consumption explain this expansion … and an apparent immunity to geopolitical tensions, to the uncertainties generated by interest rates that the ECB refuses to lower. This expansion is more than double the 0.3% average of the Eurozone, also higher than the expected advance and which, if confirmed – this is an advance by Eurostat – will allow it to emerge from the technical recession into which it fell at the end of the last year. The strength of employment, despite its poor performance at the start of the year according to the Active Population Survey, completes a hopeful scenario. But not without problems. The stagnation of GDP per inhabitant denotes the need to reinforce the weight of industry and high value-added activities in our growth model. Along with this, the need to reduce the deficit and debt to comply with the reinstated fiscal discipline of the EU will force adjustments that have not yet been finalized.