{"id":2479,"date":"2007-10-03T15:23:32","date_gmt":"2007-10-03T15:23:32","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2479"},"modified":"2025-03-27T15:48:32","modified_gmt":"2025-03-27T15:48:32","slug":"spanish-landing-looking-harder","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2479","title":{"rendered":"Spanish landing looking harder"},"content":{"rendered":"<p>The Spanish government projects GDP expansion at a still-solid 3.3% in 2008, an election year. This looks optimistic based on recent monetary trends. As the chart shows, annual growth in real narrow money (&ldquo;cash and cash equivalents&rdquo;) has fallen steeply this year. After a similar plunge in 2000-01 GDP growth dropped to just 2.7% in 2002. <\/p>\n<p>Housing prospects are worse now than in 2001-02. The Spanish boom has been much bigger than its US equivalent. The share of residential investment in current-price GDP stood at 4% in both countries in 1995. It peaked at over 6% in the US in 2005 but is now over 9% in Spain. Leading indicators look ominous: approvals for new housing fell 28% in the three months to July from a year before. <\/p>\n<p>With downside risks mounting, government plans to ease fiscal policy look timely, albeit motivated mainly by electoral considerations. However, it is doubtful such&nbsp;action can substitute for interest rate relief, which is likely to come much too late for beleaguered housebuilders. <\/p>\n<p><span class=\"full-image-float-none\"><img decoding=\"async\" style=\"width: 500px; height: 300px\" alt=\"spainGDP.jpg\" src=\"\/storage\/spainGDP.jpg\" \/><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Spanish government projects GDP expansion at a still-solid 3.3% in 2008, an election year. This looks optimistic based on recent monetary trends. As the chart shows, annual growth in real narrow money (&ldquo;cash and cash equivalents&rdquo;) has fallen steeply this year. After a similar plunge in 2000-01 GDP growth dropped to just 2.7% in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2479","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2479"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2479\/revisions"}],"predecessor-version":[{"id":4788,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2479\/revisions\/4788"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}