Calviño rules out a recession and assures that Spain maintains "strong" growth despite the uncertainty

MADRID, 5 Jul. (EUROPA PRESS) -

The First Vice President of the Government and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, has ruled out a recession on Tuesday in a context marked by the war in Ukraine and the escalation of prices and has assured that Spain continues to maintain "strong" growth despite to uncertainties.

"It is evident that we are in a moment of great uncertainty, that the news regarding the evolution and impact of the war are not positive, but Spain continues to maintain strong growth," Calviño stressed after the meeting of the Council of Ministers held this Tuesday.

The vice-president has remarked that "all the organisms" anticipate a strong growth for the Spanish economy, with rates for the Gross Domestic Product (GDP) that exceed 4%. "The Spanish economy continues on a path of strong growth," Calviño emphasized, after highlighting the latest known data on affiliation to Social Security, as well as on investments or on the balance of payments.

However, he recalled that for weeks he has been warning that the news, regarding the development of the geopolitical situation due to the war, "is not good." In this sense, he has pointed out that the cuts in Russian gas and oil, which have led to the doubling of prices in the gas markets, "are not good news", as he has recognised.

This has led to downward revisions to economic growth and upward revisions to inflation both at a European and even global level.