The Government’s triumphalist speech on economic matters does not hold up. The economic data allows them, in part, to exhibit a supposed windfall, but they do not go beyond the appearance of it, since their content, in reality, depicts a very different reality, where the private productive system is in decline given the increasingly notable increase in the public sector, which fuels spending in an attempt to support an economy that cannot do so on its own, since the economic policy applied has left it very damaged from one point from a structural point of view.
If we deeply analyze the IITR-2024 Quarterly National Accounts data, we can observe two things: Apparently, the economy is growing steadily. However, the second problem that emerges, once we see clearly what underlies it, is the composition of growth, which is not healthy. And it is not because this growth lives thanks to public spending – unsustainable – and the external sector – which cannot maintain such high levels of contribution to growth forever –, with a productive sector which has been swallowed up by the public sector. This, in itself, harms the potential growth of the economy Spain in the medium and long term, that is, it harms its sustainable structural growth in an effective and stable manner.
The mirage is completed by the powerful upward revision which, in recent times, has been repeated constantly and in the same direction with each revision of the data.
So much so that the stagnation of economic structurethat the Spanish economy continues to lose productivity and competitiveness, and that the change in economic model does not move towards a more productive economy, specialized in products and services with high added value, but evolves in the opposite direction, towards an economy with low value added value, with increased subsidies and loss of professional training.
This means that the economy cannot sustain itself, that it lives under anesthesia and that migratory flows occur in the field of work in both directions, both in and out.
Thus, the workers we receive from abroad are increasingly destined for very low-skilled jobs, which are not occupied by Spaniards and whose demand for labor is increasing, who must seek their supply from the exterior. This demand for low-skilled labor increases because the economy develops in branches of activity with low added value, which makes the The Spanish economy is losing positions compared to abroad.
On the other hand, according to the BBVA report The economic value of human capital in Spain and its regionsa third of Spanish emigrants are young. It is obvious that there may be temporary emigrants, to learn a language or to have temporary professional experience, but it is worrying that some of the young people are leaving, especially since many of those who are leaving are people highly qualified, who do not find professional development in our country based on their training, because we are behind in terms of productivity, competitiveness and prosperity, since our position in GDP per capita compared to the euro zone average has decreased.
All this is nothing other than the result of a bad economic policywhich creates a subsidized society, with enormous spending and stifling taxes that reduce productivity and competitiveness and drive away investment, as well as education whose quality is increasingly deteriorating. This leads to a loss of weight in high value-added activities and a structural impoverishment of the Spanish economy.
This growth therefore has an artificial veneer, which does not reflect the real evolution of the Spanish economy, since private productive activity worsens its behavior, being replaced by an acceleration of public spending which will have to decrease this year, because they must be comply with budgetary rules, after having been supported by public spending. That is to say, it is an unhealthy growth, generated by an erroneous economic policy which is only interested in short-term data to the detriment of healthy growth of the economy in the medium and long term. This is the profound decapitalization of the Spanish economywhich ceases to be a prosperous economy and becomes an economy of subsidies and low added value, with strong structural imbalances, which is also decapitalized in terms of human resources, losing many of its best leaders, who emigrate abroad .
