The Spanish central bank said on Wednesday it estimated the country’s economy expanded a scant 0.1% in the third quarter from the previous three months due to lower private consumption as the energy shock in Europe hit households.
“The rise in energy prices, which has gradually spread to an increasing share of goods and services, has reduced the purchasing power of households,”
The central bank said it also expected growth to slow “very significantly” in the second half of this year and the first quarter next year, which would lead to a 1.4% growth rate in 2023, down from a previously expected 2.8%.
