Spain raises its GDP forecast to 4.4% in 2022 and lowers that of 2023 to 2.1%

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Brussels (EFE) tenths less, as announced by the Vice-President for Economic Affairs, Nadia Calviño.

“This year, all the indicators point to even stronger growth than we expected, around 4.4%,” he told media in Luxembourg before taking part in the meeting of Luxembourg’s finance ministers. eurozone.

The upward revision for this year, he explained, is based on the “strong growth” observed for the Spanish economy until September, both in terms of activity, tax revenues, market developments labor than investment.

The First Vice-President of the Government and Minister of Economy, Nadia Calviño. EFE/Chema Moya/File

“Everything points to this growth and, in line with the OECD and other economic organisations, we expect growth in 2022 to be even higher than what we forecast at the start of the year, which would be 4.4% during of the year 2022,” he added. argued.

“This is a cautious forecast, since the available data could even lead to a more significant upward revision” for this year, added the vice-president of economic affairs.

Calviño defended that “this same prudence” is what guides the executive in the forecasts of public revenues that it incorporates in the draft general state budget (PGE) that Calviño hopes to be able to send “soon” to the community authorities .

General state budgets and forecasts for 2023

“We are putting the finishing touches on it and I hope that soon we will be able to have this draft EMP for 2023, which will be the basis of the draft budget that we will send to Brussels before October 15,” he underlined.

This draft budget, he said, will contain a growth forecast for 2023 which will be 2.1%, which represents a reduction of six tenths compared to the last calculation of the government in July, which was 2, 7%.

In this sense, he stressed that Spanish fiscal policy is marked by three principles: prudence, fiscal responsibility and social justice.

“We want to continue supporting Spanish citizens, continue to cushion the negative impact of the inflation generated by the war on Europe’s borders, but at the same time continue to reduce the public debt and the public deficit, fulfill the commitments fiscal consolidation,” he noted.

Web edition: Marina González

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