PROPERTY SEARCH
PROPERTY SEARCH
ARCHIVED - Brussels improves its economic forecast for Spain in 2023
The economy in Spain is expected to grow more than the EU average this year
The European Commission has revised upwards its growth forecast for Spain for 2023, increasing it to 1.4% compared to the 1% that was predicted last autumn. Compared to many other EU countries, Spain has weathered the storm of the Ukraine invasion relatively well, although the experts warn that higher interest rates and a slowdown in employment will still take its toll this year.
The Spanish government is even more optimistic, placing its figure at 2.1%.
However, most people will undoubtedly feel the pinch since the economy grew by an impressive 5.5% last year, mainly bolstered by a strong rebound in tourism.
In either, case, Spain’s economy is expected to perform better that the EU average: Brussels has forecast a growth of 0.8% on the whole but Germany and France are well below this level (0.2% and 0.6%, respectively). Ireland is expected to see the largest economic growth of 4.9% while Sweden is at the bottom of the table, with a predicted decrease of 0.8%.
European Commissioner for the Economy, Paolo Gentiloni, has stressed that, although the EU economy has shown "remarkable strength", a "difficult" period awaits its citizens. "We must show the same determination and ambition as during the last three years, with common responses to the challenges we face today," he said.
In some very good news for the average consumer, Brussels also believes that prices will behave a bit better this year than last, with inflation throughout the European Union set to drop from 4.8% to 4.4%, far below the 8.3% registered in 2022.
"The peak is already behind us," the forecast optimistically states.
You might also like: EU sides with France over Spain and opens the way for nuclear-produced hydrogen
Image: Freepik
Sign up for the Spanish News Today Editors Roundup Weekly Bulletin and get an email with all the week’s news straight to your inbox
Special offer: Subscribe now for 25% off (36.95 euros for 48 Bulletins)
OR
you can sign up to our FREE weekly roundup!
Read some of our recent bulletins:
25% Discount Special Offer subscription:
36.95€ for 48 Editor’s Weekly News Roundup bulletins!
Please CLICK THE BUTTON to subscribe.
(List price 3 months 12 Bulletins)
Read more stories from around Spain:
Contact Spanish News Today: Editorial 966 260 896 /
Office 968 018 268
