Spanish economy maintains stronger than expected growth

In the latest quarterly report on macroeconomic projections, the Bank of Spain (BDE) raises the growth of the Spanish economy to 2.3% in 2023, 0.7% more than in its last estimate. For 2024 and 2025, it estimates growth of 2.2% and 2.1%.

Regarding the average inflation rate in 2023, it stands at 3.2%, 0.5% less than previous projections; and in 2024 and 2025 at 3.6% and 1.8% while the core at 4.1% this year before falling to 2.1% and 1.7% in 2024 and 2025.

The global economic situation underscores the good results recorded so far this year due to the notable drop in energy prices, the decrease in disruptions in value chains, and the recovery noted in the service sector after the pandemic.

However, signs of weakness are also identified, such as the stagnation of the recovery in China, slight contraction of GDP in the last quarter in the Economic and Monetary Union (EMU) and tightening of financial conditions at a general level, which would be limiting the dynamism of world economic activity.

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