It also points out that inflation will continue to rise in 2022 due to the increase in energy prices, up to 3.6%, and will moderate in 2023 to 1.1%.
The European Commission (EC) has improved this Thursday by one tenth its growth forecast for Spanish GDP for this year, up to 5.6%, but keeps it stable in the 4.4% by 2023which places the Spanish economy among the fastest growing in the European Union.
The Winter Forecasts published today by the Community Executive also point out that inflation will continue to rise in 2022 due to the increase in energy prices, up to 3.6%, and will moderate in 2023 to 1.1% as these stabilize, in both cases higher rates than anticipated by Brussels last November.
The private consumption and the investment These will be the factors that will drive the growth of the Spanish economy over the next two years, which will recover its GDP level prior to the pandemic in the last quarter of 2022, earlier than projected three months ago.
After gaining momentum in the second half of the year, the Spanish GDP closed 2021 with a 5% increase supported by exports and investment, since the increase in energy prices and covid-19 infections restricted consumption private, recalls the community report.
Although the advance in omicron had a “moderate immediate impact” on the Spanish economy at the end of 2021, Brussels believes that in the first quarter of 2022 its effects will be more noticeable due to the pressure of the increase in medical leave in the labor market, with which the GDP will grow by 0.6% until March.
The economy will regain momentum from Aprilwith quarterly increases of 1% until early 2023, when growth will start to moderate.
Source: Eitb
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