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Spain will grow by 1.6% in 2023, above the previous estimate of the Bank of Spain

Spain will grow by 1.6% in 2023, above the previous estimate of the Bank of Spain

The economy Spanish will likely grow around 1.6% in 2023, 0.3 percentage points higher than previously estimated, due in large part to stronger-than-expected expansion last year, the chief economist at the Bank of SpainAngel Gavilan.

He Gross Domestic Product it grew by 5.5% in 2022, faster than expected, at a time when the country avoided a recession in the last quarter in a scenario of a global slowdown.

The National Institute of Statistics has revised upwards the initial growth estimates for the first two quarters of last year significantly, while the economy grew 0.2% in the fourth quarter compared to the previous quarter, above the 0.1% expected by the bank. central.

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“Mechanically, this new information would induce an upward revision in the GDP growth rate in 2023 of about 3 tenths”Gavilán said in a presentation published on the Bank of Spain’s website.

The European Commission on Monday revised its growth forecasts for Spain from 1% to 1.4% for 2023.

For the first quarter of 2023, Gavilán also expects a higher-than-expected growth rate, at least similar to that of the fourth quarter of last year.

The Bank of Spain is expected to publish its latest official forecasts in March.

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Gavilán has also hinted at a downward revision of 0.15 percentage points of his inflation forecasts for 2023. His current outlook for inflation harmonized with the EU stands at 4.9%.

Source: Reuters

Source: Gestion

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