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The foreign sector plays a key role in the National Statistics Institute’s upward revision of GDP for Q1 2023.

The Spanish government has presented to parliament the Draft General Government Budget for 2023 and has sent to Brussels its Budget Plan setting out a picture of the consolidated general government accounts.

The starting point for next year is a global economy that is recovering much of the growth lost during the pandemic, thanks to the success of the vaccines and an extraordinary revival in demand for durable goods that has not been met by supply, creating bottlenecks that have ended up distorting value chains and leading to an unexpected surge in inflation.

While Chinese exports have grown at a record pace since 2020, domestically the situation is different: investment remains weighed down by the crises in the real estate sector and consumption is struggling to take off. What is the reason for the weakness of consumption and the lack of consumer confidence in China?

The next year looks set to be a year fraught with challenges. Growth is expected to slow as the economy adjusts to the energy crisis we are experiencing. Against this backdrop, we can only hope that all these adjustments will lead us towards an economy that is better prepared to face the challenges that lie ahead.

Active training policies, as well as the ability to attract talent in sectors with the greatest shortage of skilled personnel, will be key if the EU is to make progress in innovation and competitiveness and avoid falling behind its main competitors.

There are still few large companies in Spain, especially when compared to the major developed countries. This is undoubtedly one of the main reasons why the productivity of the Spanish economy remains relatively low.