An economy that has been representing in recent years greater growth throughout the OECR region You cannot boast that the engine of this advance is the investment of your companies. On the contrary, a comparison of the most current levels of this variable – corresponding to the first quarter of 2025 – with presented at the end of 2019 – knowing this period as the level of 100 comparison – shows how the challenge Gross fixed capital formation This is almost at the level directly to the pandemia Covid-19.
This is an anomaly confirmed by the selectivity of the chief economist in Spain and Portugal of the BBVA research service, Miguel Cardoso. “GDP has already reached almost ten points in the same period,” says an expert for whom “atypical” that the evolution of investment has not been the same or even excellent since 2019. Cardo is replete in this paradox, emphasizing this, “with such recovery as in our other areas, in other areas, in other areas in other areas, in other areas. We must see much larger investment flows“
The forecast is timely, given that the problems were far behind, which caused damage to this economic variable and high inflation, which followed the invasion of Ukraine, or the gap of the global supply chain, which accompanied the worst moments of the pandemic.
And the strangeness increases if the formation of gross capital is analyzed in its details, the repair of its main components. Comparison from 2019, always based on data from the National Institute of Statistics (INE) and Eurostat, I even dropped some sectionsThe field is more specifically, investments in transport material are twelve points below the level, which notes as a reference of 2019. In the case of construction, gross capital formation does not decrease, but a very scarce 1%grow.
There are no signs “Nextgen”
“The situation of the latter is especially amazing, given the imbalance that exists between the demand and the offer of housing, or the influence that the next generation of the European Union,” CordoSo Tercia. In consistency with this last thesis, even public tenders do not lead to a consistent improvement in the productive potential of our country, which, according to other experts, such as the attractions Institute of Economic ResearchRelated to employers, this may be due to the accumulated consequences of the interval, which means the absence of new budgets approved since 2023.
Nothing helps to improve the situation that there is no visual improvement in the implementation of recovery and stability means that affected their minimum in the first quarter of this year.
In parallel, the investment muscles of the companies are numb with other ballasts such as the excessive tax load that they support in our country. The sum of direct and indirect budget encumbrances, together with the payment associated with social security deposits, causes this Spain is the fourth economy of the whole EU That more collections from companies, in total, make up almost 50% of total tax revenues, and, according to the latest accounting of the analysis of the analysis tax.
Whatever the reason, the truth is that not a single state of the EU member, comparable to Spain, shows this laziness As for the impulse of the investment of its companies. France and Italy make up an almost separate world from the point of view of the incentive in this section. In the case of the country, under the chairmanship of Emmanuel Macron, the investment is already 1.4% higher than registered before the crisis at the end of 2021, as a percentage, which also turned pale compared to an increase of 5.1% for the same period, typical of the country that was currently headed by Georgia Meloni.
Germany proposed the most similar case in SpanishBut with important provisions. Not in the direction of the gap that tightened the formation of fixed capital in the European locomotive with respect to the last quarter of 2019, barely exceeded the percentage half of the point at a time when it reached its greatest amplitude, and the gap was completely closed at a much greater speed than in the case of our country.
The greatest decrease in performance since 2013
Another key variable, together with investments that demonstrates the amazing resistance of normalization, performance, systematically showed very negative results in the data that the National Statistics Institute (INE) provides Eurostat, with which the latest institution conducts its comparisons on the scale of the community. In fact, the numbers show how performance for one employee and time worked in our country, suffered the greatest fall throughout the eurozone (10.6 points) From the end of the crisis of 2008-2013 Until 2021Not that the difference is completely closed.
Spain, therefore, is associated with Greece, much less economy and the problem of tiny performance, which entails for decades, and this largely exacerbated the problem of sovereign debt, the injured Hellenic country at the beginning of the last decade. This context leaves Spain in a very bad place in the eyes of the European authorities, and the contradiction with INE was open on the path of this variable.
The government began to propose an alternative calculation of GDP (SO -raised daily GDP), based on a more repeated compilation of various indicators of activity, due to what alternating ones, such as performance, they can experience a wonderful improvement, despite the high weight, which in the low -cost sectors in low cost and public employment in Sunny.
Chronification
In addition, the EU’s concern for the chronification of this problem in Spain led to the fact that the commission called on Montloa in 2019, before the crisis of the crown, to create a specific organism for its observation, which will be caused National performance committee.
It was with the Minister of Economics of Carlos when this institution took its first steps. The aforementioned council has a functional autonomy and the participation of the Ministry of Labor together with the Department that it sends. The components of their dome have an unexpectable five mandates.
