This Friday the European Commission improved its growth forecasts for the Spanish economy compared to its estimates from last May: it anticipates that Spain’s Gross Domestic Product (GDP) will grow up to 3% in 2024 —nine tenths more than the previous forecast—, and 2.3% in 2025 —four tenths more than before—.
“The economic activity in Spain will expand strongly in 2024, 3%, before gradually slowing down in 2025, to 2.3%, and to 2.1% in 2026″, the Community Executive points out in its autumn macroeconomic forecasts. Brussels has improved its projections for Spain in in line with the reviews already announced by other national and international institutions.
Furthermore, Brussels also maintains its projection that Spain will reduce its public deficit to 3% of GDP this yearthus complying with the limit set by European tax rules. However, the European Commission warns of the “risk” that this projection varies depending on the national public spending that is necessary to address the impact of DANA in the Valencian Country.
Brussels’ forecasts are more optimistic for this year and next than those of the Government, which foresees an advance in GDP of 2.7% and 2.4%, respectivelybut slightly lower than the 2.2% that the Executive projects for 2026. And they place Spain as the second economy that will grow the most in the eurozone, behind Croatia.
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