Spain Economic Outlook
May 31, 2022Growth weakened in the first quarter, as household spending was weighed down by surging inflation and the spread of the Omicron variant. Turning to Q2, in April, a robust recovery in tourism likely underpinned the tertiary sector, as signaled by a higher services PMI reading, while the rate of unemployment fell and retail sales rebounded strongly. However, elevated inflation, downbeat consumer confidence and a softer expansion in manufacturing activity call for caution. Meanwhile, the European Commission recently warned of imbalances in the public accounts, with the independent fiscal authority lamenting the absence of a medium-term strategy to bring them under control. Furthermore, the Bank of Spain has called for additional reforms to ensure the sustainability of the public pensions system.
Spain Economic GrowthAlthough the pace of growth will ease this year, it should remain relatively solid. A recovering tourism industry and EU fund inflows should underpin the economy. While accumulated savings and rising employment will provide support to consumer spending, it will be restrained by elevated inflation. Rising interest rates and a weak fiscal position cloud the outlook. Our panelists now project the economy to grow 4.4% in 2022, down 0.3 percentage points from last month’s forecast, and 3.1% in 2023.
Spain Economy Data
5 years of Spain economic forecasts for more than 30 economic indicators.
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|Bond Yield||0.46||5.62 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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Spain Economic News
January 27, 2023
According to a preliminary estimate, GDP rose 0.2% on a seasonally adjusted quarter-on-quarter basis in Q4 2022, matching the increase recorded in Q3.
January 26, 2023
The jobless rate rose to 12.9% in Q4 from 12.7% in Q3.
January 16, 2023
Industrial output dropped 1.1% year-on-year in seasonally and calendar-adjusted terms in November, which contrasted October's 2.1% increase.
January 5, 2023
The S&P Global Composite Purchasing Managers’ (PMI) rose to 49.9 in December from November’s 49.6.
January 2, 2023
The current account recorded a EUR 2.7 billion surplus in October, improving from the EUR 0.7 billion surplus clocked in September (October 2021: EUR 3.5 billion surplus).