This report does not constitute a rating action. MADRID (S&P Global Ratings) May 29, 2023--On May 29, Pedro Sanchez, Spain?s Prime Minister, announced that he will dissolve parliament to schedule national elections on July 23, 2023, several months earlier than previously expected. The decision to bring elections forward, partially in response to the results of May 28 regional and local elections, has no immediate implication for Spanish fiscal and economic policies, in our view. Spain is due to assume the presidency of the Council of the European Union on June 1, 2023, for a six-month period. The overall economy continued to perform well in first-quarter 2023, posting real GDP growth of 0.5% (3.8% year over year), with net exports, particularly
