Recovery to pre-Covid GDP levels delayed
IN A CONTEXT OF UNCERTAINTY AFFECTED BY THE PANDEMIC, INFLATIONARY TENSIONS AND THE RUSSIAN INVASION OF UKRAINE, GDP
SLOWS ITS GROWTH AND RECORDS A 0.3% INCREASE IN Q1 22 COMPARED TO Q4 21
Domestic demand remains the engine of growth, although external demand is improving its contribution
The Government slows down the recovery path with a downgrade of its forecasts
The services sector, the fastest growing and contributing to y-o-y growth (+5.5 pp)
In Q1 22, productivity per equivalent job increased for the first time since 2018
Inflationary pressures remain, with the HCPI rising by 8.3% in April, +0.8 pp higher than the Eurozone average
Resilience of the labour market despite the adverse context
EMPLOYMENT FELL BY 100,200 AND UNEMPLOYMENT ROSE BY 70,900 IN Q2 22. IN SEASONALLY AND CALENDAR ADJUSTED TERMS, BOTH
VARIABLES EVOLVED FAVOURABLY (+1.08% AND -0.89% QUARTERLY, RESPECTIVELY)
Employment falls by 0.5% quarterly (-100,200 employed) to 20,084,700 (+877,900 than a year earlier)
The growth in public employment slowed, although its share of total employment increased by 1 pp compared with Q4 19
In Q1 22, unemployment rose by 70,900 compared with Q4 21 (+2.3%) to 3,174,700 (-13.1% year-on-year)
Unemployment rate rises to 13.65% of the labour force, but is 2.61 pp lower than its Q3 20 peak