Spanish GDP Actually 17.3% Lower Than Reported?
FT Alpaville was first to report this: An anonymous tip-off regarding Spanish GDP…
The big question then, according to the author(s), is the ‘real’ level of Spain’s GDP. Using a deviation of 24 per cent in market services, 5 per cent in manufacturing and 6 per cent in construction, the author comes up with a 17.3 per cent fall in GDP between the fourth quarter of 2007 and Q4 2009 — far less than the published 3.1 per cent.
Full analysis bellow. In my opinion it makes sense. Is it true? I don’t know.