Bank of Spain Presents Spain’s Macroeconomic Projections (2024-2027)
Madrid, December 17, 2024 – The Bank of Spain has released its latest macroeconomic projections for Spain, covering the period from 2024 to 2027. The report, titled “D.G. Economía. Presentación de las proyecciones macroeconómicas de España (2024-2027),” provides insights into the expected economic outlook for the country in the coming years.
Key Highlights:
Economic Growth: * Real GDP is projected to grow by 2.3% in 2024, before moderating to 2.0% in 2025 and 2026. * Growth is expected to stabilize at 1.9% in 2027, driven by solid domestic demand and a gradual recovery in exports.
Inflation: * Consumer Price Inflation (CPI) is forecast to decline from 5.0% in 2023 to 2.6% in 2024. * Inflation is expected to remain elevated in 2025 at 2.4%, before easing to 2.1% in 2026 and 2.0% in 2027.
Employment: * The unemployment rate is projected to fall from 12.2% in 2023 to 10.8% in 2024. * Job creation is expected to continue, with the unemployment rate further declining to 9.8% in 2027.
Public Finances: * The deficit-to-GDP ratio is forecast to narrow to 4.6% in 2024, driven by strong economic growth and fiscal consolidation measures. * The deficit is expected to continue declining in subsequent years, reaching 2.1% in 2027.
Risks and Outlook:
The Bank of Spain acknowledges that the macroeconomic outlook is subject to various risks and uncertainties, including:
- The ongoing global economic slowdown
- Geopolitical tensions and energy market volatility
- Supply chain disruptions
Despite these challenges, the report concludes that the Spanish economy is expected to continue growing in the medium term, supported by a solid labor market and ongoing fiscal consolidation efforts.
Conclusion:
The Bank of Spain’s macroeconomic projections provide a comprehensive assessment of the expected economic outlook for Spain over the next four years. While growth and employment are projected to remain robust, inflation is expected to ease gradually. The report highlights the importance of prudent fiscal management and mitigating potential risks to ensure sustainable and inclusive economic growth.
D.G. Economía. Presentación de las proyecciones macroeconómicas de España (2024-2027)
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