OECD sees downturn in Spain in relation to the recovery of the rest

A family of visitors in front of a closed tourist office in the center of Barcelona. EFE / Enric Fontcuberta./Archivo (Enric Fontcuberta /)

Paris, August 10 (EFE) .- The OECD sees a downturn in economic activity in Spain that goes against the general trend of its member countries, in which the signs of recovery already perceived for two months are reinforcing.
The variation in July for Spain of the advanced composite indicator, which indicates in advance the inflections of the economic cycle, was the worst of all members of the Organization for Economic Cooperation and Development (OECD), with a drop of 0.63 points.
Spain thus remained at 93.72 points, clearly below the level 100 that marks the long-term average and also at 98.88 points it had in January, before the effects of the coronavirus crisis began to be felt. .
Above all, this movement contrasts with the rise of the vast majority of its partners in July, with an increase of 0.98 points in the OECD as a whole to 97.98 points, and 0.64 in the euro zone to 97, 29 points.
In its semiannual outlook report published on June 10, the OECD said that the Spanish economy would be one of the most affected by the COVID-19 crisis, with a drop in gross domestic product (GDP) this year of 11.1% in a year. two scenarios, reaching 14.4% in the case of a second wave of the epidemic.
The advanced composite indicators do not serve to quantify the degree of recovery or decline in activity, but rather the strength of the inflections of the economic cycle, both upwards and downwards.
In July, they increased significantly in the United States (+1.54 points, to 97.47 points), in the United Kingdom (+1.52 to 98.97), but also in Germany (+0.97 to 98.85) or in France (+0.88 to 97.94).
Among the few who saw their numbers drop are Mexico (-0.11 points to 98.13), Australia (-0.09 to 98.44), Slovakia (-0.24 to 92.77) or Slovenia (-0 , 25 to 93.08).
In relation to the main emerging economies (which are not part of the OECD), the upward trend also predominated, with growth in Brazil (+0.69 points to 99.98 points), China (+0.36 to 97.94 points ) and especially India (+1.54 to 95.71) and Indonesia (+ 2.63 to 94.12).

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