He Bank of Spain provides that the DANA that the Spanish Levante suffered a few weeks ago has an impact of two tenths on the Gross domestic product (GDP) and 0.15 points on the Consumer Price Index (CIP). This was stated by the governor of the organization, José Luis Escriva, in a statement. report title Assessment of the effects of DANA on the financial system and the economy published this Wednesday.
“He impact what happened is significant but limited,” Escriva said during his speech at the Macroeconomic Information Conference organized by APIE, focused on the effects of DANA.
The governor indicated that the structural impact of the disaster is more complex to estimate. However, he indicated that the Bank of Spain has the impression that the destruction of productive capacity could have been “less intense” than reflected in the images. “This is the perception we have had as the situation has recovered, but it is still very provisional,” the official said.
In this sense, the Bank of Spain insists that empirical evidence indicates a impact on GDP “limited and transient.” The estimates are subject to significant levels of uncertainty, but, based on past events related to the climatethe estimated impact on GDP is two tenths for the current quarter, remaining negative a year later.
The Bank of Spain on DANA
If we take the 78 municipalities concerned, the surface area represents 2% of the economy, with a greater weight of industrial sector in this area -around 3%-. “We are talking about 2% of the population2% of job and 3% when we talk about the industrial sector,” explained the governor.
Escriva said that there is another characteristic of the region, namely that they are dormitory towns and that there are many people who live there, but who work elsewhere. Thus, the organization estimates that nearly half a million people have mortgages in the region, with a population of one million inhabitants, and 150,000 are effective mortgages.
“That’s why this other part related to residential housing is important and fortunately the impact seems to have been much more limited and more focused on the industrial activity“, he stressed.
Likewise, the governor explained that the total of credit risk In the area concerned, this amounts to 20.584 million euros, which represents 1.8% of the credit, with 561,210 customers affected.
