External sector

Spanish exports on the rise: but is all that glitters gold?

Spanish exports have essentially driven growth in the country’s economic recovery. In Q1 2017 nominal GDP returned to its pre-crisis level while goods exports were 36% above this level. However, not everything we export is produced entirely in Spain. In other words, is all that glitters really gold? The integration of global value chains means that a significant proportion of goods exported have not been produced domestically but include products that were previously imported. By way of example, let us assume that three processes need to be carried out to...

Monthly Report - Focus