Brussels raises Spain’s growth forecast to 1.9%

spain savings rate

The European Commission (EC) calculates that the Spanish economy will grow by 1.9% in 2023, five tenths above the winter forecast, and above the 1.1% forecast for the Eurozone and the 1% forecast for the European Union (EU) as a whole. Spain’s growth forecast for 2024 remains at 2%.

The EC also reduced the Spanish inflation forecast to 4% for the current year, four tenths of a percentage point lower than the decline it predicted in February, while it raised the CPI forecast for 2024 by three tenths of a percentage point to 2.7%.

The inflation forecast is 6.7% for the European Union (EU) as a whole in 2023 – as opposed to the previous forecast of 6.4% – and 3.1% in 2024, three tenths of a percentage point lower than the February forecast.

The growth forecast for 2023 is now 1% in the EU and 1.1% in the euro area, both two tenths of a percentage point higher than in the winter forecast, while the growth rate for 2024 is also one tenth of a percentage point higher, at 1.7% and 1.6% for the EU and the euro area, respectively.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.