• Spain is the only one of the large economies in the euro zone to which the Commission raises its growth forecast for this year and maintains that of 2020
  • The increase of two tenths in the Commission's estimate allows Spain to increase its growth differential vis-à-vis the euro zone (2.3% vs. 1.2%)
  • The Bank of Spain also raised its growth forecast for this year, up to 2.4% of GDP, two tenths of a second month ago in June

The European Commission today published its economic forecasts for the summer, with an upward revision of two tenths of growth in Spain in 2019 compared to the spring forecasts published in May. The Commission expects our country's GDP growth of 2.3% in 2019 and 1.9% in 2020. Growth in the euro zone remains at 1.2% of GDP this year and is revised one tenth the drop to 1.4% in 2020.

Spain is the only one of the large economies of the euro zone whose growth has been revised up due to the dynamism registered in the first part of the year. In this way, it will continue to lead growth in the euro zone with a rate that, according to the forecast, will almost double that of the euro area (2.3% vs. 1.2%).

For 2020 the European Commission maintains the forecast of growth of 1.9% for Spain, while it reviews one tenth downwards the one of the zone euro and the one of Germany and France, happening all of them of 1.5% of growth of the GDP expected in the current 1.4% in spring.

These estimations certify the good tone of the Spanish economy, which was also highlighted by the Bank of Spain last June, revising upward the forecast of GDP growth in 2019 to 2.4%.

The European Commission has also revised its inflation forecasts for 2019 and 2020. In Spain, the year-on-year growth of the harmonized CPI is revised two tenths downwards for each year, up to 0.9% and 1.2%, respectively.

In the euro area as a whole, inflation forecasts are also revised one tenth downwards each year, standing at 1.3% in 2019 and 2020.

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