Spanish construction: Economic challenges ahead

Despite the real economy expanding marginally in the final quarter of 2022, the expenditure breakdown suggests that the economy endured significant struggles.

Real GDP at end-2022 remained 1.1% below its pre-pandemic level during the final quarter of 2019.

While S&P Global Market Insights has removed the prospect of Spain facing a shallow recession over the fourth quarter of 2022 and first quarter of 2023, the expenditure breakdown in the fourth quarter of 2022 was dire.