Sunday, May 28

The EU improves Spain’s growth forecast for 2023 by five tenths and places it at 1.9%

Brussels confirms that the Spanish economy is stepping on the accelerator. The European Commission improves its Gross Domestic Product (GDP) growth forecast for this year by five tenths, which stands at 1.9%, as indicated in its macroeconomic forecasts for 2023. Again, it places Spain above the average growth in the EU, which stands at 1%.

The rise in the price of food drops 3.6 points and remains at 12.9% in April


It is not the first time that the Commission has improved its forecasts for Spain. In February he already revised them upwards. Then, in four tenths, up to 1.4%. A similar movement occurred last week, in this local case, because the Bank of Spain improved its growth estimate for the Spanish economy to 2% for the current year. The same foresight that the Government has. Both are minimally more optimistic than the Community Executive.

Regarding prices, Brussels places inflation in Spain, for this year, at 4%. Again, this is an improvement over their previous forecasts, which came in at 4.4%. For next year, it will stay at 2.7%.

Once again, Spain improves its relative position with respect to the EU average, given that the rise in prices that it anticipates for the Union as a whole stands at 6.7% and, for the euro zone, at 5.8 %.

Brussels’ support for the Spanish growth perspective is valued positively by the Ministry of Economic Affairs, which highlights that Spain will be one of the European countries that will grow the most in 2023, which will allow it to lead growth among the main economies of the euro zone for the third consecutive year.

Also, that Spain will practically double the average growth of the community partners as a whole. “The European Commission also anticipates that Spain will be one of the countries with the lowest inflation in Europe in 2023 and that it will continue to decrease throughout 2024, favoring the competitiveness of companies and the Spanish economy”, point out from the Ministry headed by the First Vice President Nadia Calviño. On the other hand, they point out that “employment will also maintain its dynamism during 2023 and 2024, with growth above the average for the euro zone, which will allow the unemployment rate to continue reducing” and that both the deficit and the debt-to-GDP ratio will continue to decline in Spain above the European average between 2022 and 2024.

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