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Jose Ramon Iturriaga: We will grow as always

deercreekfoundation November 10, 2025
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We have been through so much these past few days. good news On the evolution of the Spanish economy. You already know that to analyze this data you will have to do the very difficult task of removing the head from the centrifuge, but this is definitely highly recommended. … of spanish politics every day. It’s even harder with what’s been happening lately, and even harder when irresponsible people in front of us use the economy as an alibi. In any case, the data remains, and I believe so, indisputably good.

It is important to highlight the scoop that Minister Bodhi did not reveal last week. he public deficit This year’s closing price will be 2.5%. We need to put this data into perspective. We have to remember where we come from. Not long ago, we were one of the protagonists of the European debt crisis. In fact, we were the scary acronym “S” coined by the Financial Times. pig. It’s something that’s been bothering us ever since. And today, that’s no longer a problem.

As always, it is important to emphasize that this is despite the government. We have collection records because of what this government didn’t do, not because of what it did. And in the case of the public deficit, for example, if they had managed it a little more diligently, we would be better off today.

Despite everything, Spain’s economy remains strong and will continue to do well, but the reasons for this have little to do with the government’s economic policies. As we have grown in the past, we are growing today. another brick was thrown And the population will increase. Remember, macros always have to do with demographics. For example, the growth gap between the late 1990s and early 2000s is just that. Our country grew much more than comparable countries, as the number of Social Security contributors went from 12 million to 20 million people during this period. That’s what’s happening now. Over the past three to four years, the population has grown at a rate of 500,000 people per year. And clearly they are not Spaniards, who are decreasing at the rate of 100,000 people a year. As long as you keep pulling the brick as it is being pulled, the cycle will continue for a while. And there is a final reflection. and imbalance between supply and demand It exists now, but many bricks need to be laid in the coming years.

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