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.
