On December 23, the National Institute of Statistics reviewed Spain’s 2022 GDP growth, having already reviewed it in September and October. After all the revisions, two points were added to the growth of the first semester and 0.6 to that of the third quarter. Now, the statistics give a preview of GDP in 4Q22, which would have grown by +0.2%, with which growth for the year as a whole would…
The IMF raises its growth forecast for Spain in 2022 to 5.2%, but lowers its forecast for 2023 to 1.1%. Thus, the IMF anticipates that activity will reach its pre-pandemic level at the beginning of 2024, when it expects GDP to grow by 2.4% and at a rate of 2.2% in 2025. As for inflation, the institution estimates an average price increase in 2022 of 8.4%, which will moderate this…
The technicians of the International Monetary Fund (IMF) on Wednesday completed their annual review of the Spanish economy, known as ‘Article IV’, and concluded that the country’s gross domestic product (GDP) growth will be “relatively weak” in the coming quarters. “Growth is expected to be relatively weak in the coming quarters due to weak external demand and deteriorating consumer confidence,” the IMF stressed in its conclusions on the country’s economic…
It will take us Spaniards six years to get back to where we were in 2019. After the latest slowdown in growth, the International Monetary Fund (IMF) has revised its forecasts for world GDP per capita. And the result is that, of the 24 countries that make up what the organisation calls ‘advanced economies’, 23 are going to recover their pre-covid-19 standard of living before Spain. Some, such as the…
After Italy and France, Germany did so in the second quarter of this year. The Spanish economy, according to the Bank of Spain, will not reach this point until 2024. Italy and France had already achieved it. The average for the euro area achieved it by the end of 2021. And Germany did so after the second quarter of this year. Therefore, Spain has been completely left behind and is…
“Sánchez could not stand that for two years in a row, 2021 and 2022, the growth rate of the Gross Domestic Product has been revised downwards, in the first quarter of the year. This has triggered the dismissal of the president of the National Institute of Statistics, Juan Manuel Rodríguez Poo. A discreet and honest professor of Fundamentals of Economic Analysis at the University of Cantabria, appointed president of the…
The International Monetary Fund (IMF) has substantially cut its growth expectations for the Spanish economy in 2021 and 2022, reducing the expected expansion of GDP this year to 4.6% from the 5.7% anticipated last October. For next year it forecasts that the rebound in activity will be limited to 5.8%, six tenths of a percentage point lower than previously expected. So the IMF’s forecasts are close to those recently published…
The governor of the Bank of Spain (BdE), Pablo Hernández de Cos, warned yesterday that the institution’s analysts will revise “significantly downwards” their forecasts for Spain’s economic growth this year. He did so during his speech before the Congressional Budget Committee, to offer his opinion on the draft General State Budget for 2022. Furthermore, Hernández de Cos said he believes that some revenues in the General Budget have been calculated…
BancaMarch | Brussels has upgraded Spain’s GDP growth forecast. The Commission’s new forecasts put Spain’s GDP growth at 5.9% in 2021 (5.6% previous estimate) and 6.8% in 2022 (5.3% previous estimate). So Spain would regain pre-pandemic GDP levels by end-next year. The improvement in the revision is a consequence of progress in vaccination and the disbursement of European funds, of which Spain is one of the major beneficiaries. To this…
T.C. | The Spanish economy will grow by 6.4% in 2021, making it the fastest growing European country, and one of the fastest growing in the world among the advanced economies, along with the United States, where growth is also estimated at 6.4%, according to the International Monetary Fund’s biannual ‘World Economic Outlook’ report, published yesterday.