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00:00We are actually having an upgrade for Spain this year, which is a rare occurrence in the many, many downgrades that we've had for other countries.
00:10This is partly because the Spanish economy just had such strong momentum in 2024, coming into 2025, and part of that was due to the very strong services exports as well as the very strong labor accumulation, part of that related to immigration.
00:28But all of that being said, Spain is still being affected indirectly and directly by the tariffs and the uncertainty associated with that.
00:39It's just that, as I said, that underlying strength is kind of having a bigger impact in the near term.
00:47But then again, in 2026, we do project a kind of slowing of growth to about 1.8.
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