The Bank of Spain announced on Tuesday that it has revised its gross domestic product GDP growth forecast for 2021 downward to 6% from the 6.8% forecast in December., as reported by Reuters.
The bank has indicated that a slower than expected arrival of EU bailout funds in 2021 is likely to affect growth before boosting investment next year.
Additional comments:
“The Bank of Spain foresees the country’s economy to contract 0.4% in the first quarter compared to the previous quarter (+ 0.4%) in the central scenario, in a range of -0.9% to + 0.4% “.
“The Bank of Spain foresees that inflation harmonized with the EU will be 1.4% this year (previous forecast 0.6%), 0.8% in 2022 and 1.2% in 2023“.
“The Bank of Spain foresees that unemployment this year is 17% compared to 18.3% in the December estimate“.
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