The Organisation for Economic Co-operation and Development (OECD) had already warned a month ago of the slowdown in Spain’s economic recovery compared to other European countries. Now, according to the latest reading of the Composite Index of Leading Indicators (CLI), designed by to anticipate turning points in economic activity over the next six to nine months, the Spanish economy has slipped out of the recovery process being experienced by the rest of the major European economies and could therefore face a further slowdown.
Specifically, the index for Spain stood at 93.2 points in August, compared with a full 94.6 points in July and 94.8 points in June. In April, at the height of the restrictions to contain the pandemic, the index reading plummeted to 91.7 points, reports Europa Press.
This differentiates Spain’s data from that of other major European economies, whose readings improved slightly during the eighth month of the year. Germany, the largest economy in the euro and the EU, recorded a reading of 99.4 points, three tenths of a point higher than in July. France advanced by one tenth to 97.3, and Italy accelerated by three tenths to 97.6 in August.
The CLI reading for all OECD countries rose by three tenths over the past month to 98.3 points, while the euro area increased by one tenth to 97.7 points.
Among the other large economies in the club of countries, Canada increased by three tenths to 98.9 points, Japan increased by four tenths to 98.9 points, the United Kingdom increased by a further four tenths to 99.3 points, and the United States closed the month at a full 97.6 points, up from 97.2 points in July.