Spain S2 2018 Report
After the Current Slowdown, Should We Fear an Impending Recession?
The Spanish economy has deteriorated in recent quarters, in line with a less resilient European economy. Almost all the indicators show this deceleration, from GDP, to vehicle sales and construction permits, to the M1 monetary aggregate and the confidence of agents. The equity market seems to have already priced in the current economic deterioration, even the likelihood of a coming recession. But, for the moment, it is still premature to predict a recession since there have been none of the classic imbalances and excesses that usually come during an unsustainable expansion prior to a recession .
