Escrivá believes that the probability of Spain entering a recession in the coming months is "very low"

MADRID, 4 Jul. (EUROPA PRESS) -

The Minister of Inclusion, Social Security and Migration, José Luis Escrivá, stated this Monday that the probability of Spain entering an economic recession in the coming months is "very low" given the "resilience" of the labor market, the deployment of European funds and the "comfortable" net financial position of families, among other elements.

Escrivá, in statements to La Sexta collected by Europa Press, recalled that for a recession to occur, several quarters of falling GDP are necessary, something that "he does not see" for the Spanish case with the "levers" that he currently has the economy. "That's not to say that there can't be a significant slowdown," he said.

For the minister, "it is very difficult to put numbers" on what the possible gas rationing in Germany or Italy could mean for a third country due to cuts in Russian supply.

"Germany and Italy have been working for months on establishing alternative contingency plans and they are going to have support from neighboring countries. It seems very difficult to put numbers on this and I would be very cautious. It really is very difficult for us economists to know which one is going to be the impact on activity", he pointed out.

However, he has insisted that the probability of an economic recession materializing in Spain is "very low". "I don't see it in Spain", he has reiterated her.