With wage growth subdued, inflation has bitten into real incomes. The prices of prominent products are up by more than inflation—olive oil shot up by around 40% last year
Save time by listening to our audio articles as you multitaskA year later, a similar exercise put Spain in 4th place, and it was the government’s turn to strut. And the flattering numbers continue to appear. Annual inflation, running at 5.6% in December, is the lowest in the euro zone, in part because Spain consumes little Russian gas. The main share-price index has made up most of its losses. The unemployment rate is the lowest since 2008, when the financial crisis burst a construction bubble.
What the government can truly claim credit for, or take the blame for, should be the key question for voters. Last year’s growth may be expected for a country that typically overshoots its neighbours’ ups and downs. The modest growth expected in 2023, say analysts, is largely the result of the European Union’s pandemic-recovery programme, of which Spain is the second-biggest beneficiary: it is getting some €77bn in grants, plus loans.
The most common criticism is that Spain’s fiscal homework remains undone. Its tax-collection numbers are up, thanks to black-market jobs entering the licit sector during the pandemic, when being officially employed brought with it the ability to take advantage of aid programmes. But the structural deficit is still worryingly high—perhaps 4.5-5.0% ofGDP
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