The Diplomat
The European Commission estimates that the Spanish economy will grow by 4.6% in 2021, which represents a cut of 1.6 percentage points compared to the estimate it made in July, while the increase in the price level at the end of this year will stand at 2.8%, reports Europa Press.
The new update of the EU executive’s economic forecasts also point to an expansion of Spain’s GDP of 5.5% in 2022, to then reduce its growth to 4.4% a year later.
These data contrast with the optimism of the government, which in its latest macroeconomic framework envisages a rise in GDP of 6.5 per cent this year and an expansion of 7 per cent a year later.
According to Brussels’ calculations, Spain will be the last of the four large euro economies to recover its pre-crisis GDP level: it will not do so until the first quarter of 2023, while Germany, France and Italy will achieve it before the end of 2022.
