Juan Francisco Jimeno, president of the Productivity Council of Spain: "At this rate, it will take us 40 years to reach the European average income"

Carlos Cuerpo, Spain's first vice president, discusses the current state of productivity in Spain, revealing a slowdown in growth rates. Recent INE data indicates that productivity growth is now at 0.4% for 2022-2026, down from previous estimates. This decline raises concerns about the country's ability to converge with the EU's average income levels. The Council of Productivity, which Cuerpo leads, will need to revise its earlier reports to reflect these new figures. Despite some positive signals, such as a notable increase in total factor productivity, the overall outlook remains modest. Factors like low investment and skills mismatches are hindering productivity growth, and the impact of absenteeism is also significant. Without substantial improvements, Spain may take decades to reach EU income levels.