"How can I know what I think until I read what I write?" – Henry James


There are a few lone voices willing to utter heresy. I am an avid follower of Ilusion Monetaria, a blog by ex-Bank of Spain economist (and monetarist) Miguel Navascues here.
Dr Navascues calls a spade a spade. He exhorts Spain to break free of EMU oppression immediately. (Ambrose Evans-Pritchard)

jueves, 17 de octubre de 2013

Un misterio de miles de millones

FMI. Revisión de previsiones para España sobre las que se hicieron en abril (cuadro 1). Resultado de octubre. Cuadro 2.

Un PIB sensiblemente menor. un deflactor del PIB sensiblemente menor, es decir, un PIB nominal muy sensiblemente menor. Coherentemente, un tasas de paro mayor. Pese a ello, un déficit/PIB y una deuda/PIB que se corrige a la baja misteriosamente.

Shaded cells indicate IMF staff estimates
CountrySubject DescriptorUnitsScaleCountry/Series-specific Notes20142015201620172018
SpainGross domestic product, constant pricesPercent change See notes for: Gross domestic product, constant prices (National currency).0.7381.3521.4601.5061.573
SpainGross domestic product, deflatorIndex See notes for: Gross domestic product, constant prices (National currency)Gross domestic product, current prices (National currency).103.894105.227106.585108.038109.525
SpainInflation, end of period consumer pricesPercent change See notes for: Inflation, end of period consumer prices (Index).1.4091.3401.4421.4921.525
SpainUnemployment ratePercent of total labor force Source: National Statistical OfficeLatest actual data: 2012Employment type: Harmonized ILO definitionPrimary domestic currency: EurosData last updated: 03/201326.50025.60024.70023.80022.900
SpainEmploymentPersonsMillionsSource: National Statistical OfficeLatest actual data: 2012Employment type: Harmonized ILO definitionPrimary domestic currency: EurosData last updated: 03/201316.998n/an/an/an/a
SpainGeneral government net lending/borrowingPercent of GDP See notes for: General government net lending/borrowing (National currency).-6.937-6.588-6.195-5.905-5.610
SpainGeneral government primary net lending/borrowingPercent of GDP See notes for: General government primary net lending/borrowing (National currency).-3.640-3.061-2.465-1.976-1.484
SpainGeneral government gross debtPercent of GDP See notes for: General government gross debt (National currency).97.564101.631105.087108.040110.617
Shaded cells indicate IMF staff estimates
CountrySubject DescriptorUnitsScaleCountry/Series-specific Notes20142015201620172018
SpainGross domestic product, constant pricesPercent change See notes for: Gross domestic product, constant prices (National currency).0.1710.4680.7220.9341.205
SpainGross domestic product, deflatorIndex See notes for: Gross domestic product, constant prices (National currency)Gross domestic product, current prices (National currency).101.710102.768103.951105.189106.477
SpainInflation, end of period consumer pricesPercent change See notes for: Inflation, end of period consumer prices (Index).1.0101.2041.2081.2561.212
SpainUnemployment ratePercent of total labor force Source: National Statistical OfficeLatest actual data: 2012Employment type: Harmonized ILO definitionPrimary domestic currency: EurosData last updated: 09/201326.65826.49526.19625.59824.893
SpainEmploymentPersonsMillionsSource: National Statistical OfficeLatest actual data: 2012Employment type: Harmonized ILO definitionPrimary domestic currency: EurosData last updated: 09/201316.485n/an/an/an/a
SpainGeneral government net lending/borrowingPercent of GDP See notes for: General government net lending/borrowing (National currency).-5.778-4.955-3.994-3.030-2.016
SpainGeneral government primary net lending/borrowingPercent of GDP See notes for: General government primary net lending/borrowing (National currency).-2.629-1.669-0.6290.3781.437
SpainGeneral government gross debtPercent of GDP See notes for: General government gross debt (National currency).99.060102.539104.640105.482105.070


Un milagro? Si, uno de la negociación por trozos. O de la negociación con líneas rojas que no se pueden cruzar. España NO puede dejar decir que no va a cumplir con el objetivo de déficit.

Tendrían que haber recorregido el crecimiento y el paro, y los precios. Porque con un PIB nominal menor, una tasa de para más alta, no se sabe de dónde de sale esa fuerza emergente que nos corrige las cuentas públicas.

Como dicen ahora los cursis, "los riesgos se inclinan a peor". Ver tb aquí.

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