Spanish Economy Set To Grow By 4.4% In 2022
Spain News
Published: 04 October 2022 11:53 CET
Spain will see positive growth in 2022 the country’s economy minister has announced.
On Monday, Nadia Calviño said that the government’s GDP (Gross Domestic Product) outlook was better than initially forecast and would rise to 4.4% from their original figure of 4.3%.
"This year all indicators point at a stronger growth than we expected, around 4.4%, in line with other economic organisms," she told reporters prior to her meeting with fellow Euro Zone ministers in Luxembourg.
She also suggested that due to the indicators that the government used, it could “allow an even greater upward revision” in growth.
"All indicators show strong growth until September. The activity, the tax revenues, the evolution of the labor market, of the investment," she stressed.
The growth forecast follows the INE’s (National Institute of Statistics) announcement last week that second-quarter growth would surpass the initial estimate, rising from 1.1% to 1.5%.
However, the growth forecast for 2023 was lowered to 2.1% from the 2.7% which was predicted last July.
Calviño, who is also the country’s vice president said, “The budget for next year is based on a prudent macroeconomic scenario which expects a 2.1% growth.”
However, the OECD is not as optimistic and puts growth in 2023 at 1.5%, six-tenths lower than the government’s expectation.
Calviño stressed that although the forecast for 2023 was lower, the country would still grow at a faster rate than other EU countries.
Source
https://www.20minutos.es/noticia/5065740/0/gobierno-sube-prevision-crecimiento-pib-calvino/
https://www.reuters.com/markets/europe/spains-economy-minister-sees-economic-growth-44-2022-2022-10-03/
Image Credit: La Moncloa
