• The Minister of Economy and Business, Nadia Calviño, has presented the update of the macroeconomic chart, which she has described as realistic and prudent
  • For the minister it is necessary that fiscal consolidation be compatible with economic growth and job creation
  • The unemployment rate will be below 11% in 2021 with the creation of approximately 400,000 jobs annually

The Council of Ministers has approved the update of the 2018-2021 macroeconomic scenario of the Spanish economy. The new macro chart maintains the expected economic growth for 2018 and 2019. It also includes the deficit reduction commitment.

The new forecasts are realistic and prudent, in line with those presented by international organizations, as indicated by the Minister of Economy and Business. Nadia Calviño has highlighted the strength of the Spanish economy, pointing out that these figures allow "to fulfill the commitments and maintain budgetary stability."

The minister has highlighted as fundamental aspects of the new macroeconomic scenario a fiscal consolidation that is not at odds with economic growth and job creation, consistent with the social agenda promoted by the government, while allowing to continue reducing public debt.

Leading indicators

The GDP growth for 2018 and 2019 stands at 2.7 and 2.4 respectively, maintaining the positive contributions of national demand and foreign demand. These figures allow us to fulfill the commitment to place the public deficit at 0.4% in 2021. The growth differential will continue to be favorable to the Spanish economy in relation to the countries around us.

It is important to highlight the positive evolution of the labor market, which will allow the unemployment rate to be below 11% in 2021. The average annual rate of job creation will be around 400,000 jobs and the forecast is that in 2020 exceed 20 million employed.

Source of the new