The IMF again improves the growth forecast for Spain in 2023 to 2.5% and maintains that of 2024 at 2%

Spain registers the largest upward revision in 2023, when it will be the large advanced economy with the best evolution

MADRID, 25 Jul. (EUROPA PRESS) -

The expansion of the Spanish economy this year will occur at a substantially higher rate than initially forecast by the International Monetary Fund (IMF), which has once again revised its growth forecast for Spain upwards in 2023, to 2.5%, while keeping the forecast for 2024 at 2%.

In this way, Spain is at the head of the expected growth in 2023 among the main advanced economies in the new projections published this Tuesday by the international institution, after the IMF has applied to the country the largest upward revision for the expansion forecast this year.

In fact, although the Fund's new forecast for Spain in 2023 represents an improvement of one percentage point compared to its forecast of 1.5% last April, so far this year its estimate of the rate of recovery for the Spanish economy has increased by 1.4 percentage points, since in January it anticipated an expansion of 1.1%.

In this sense, the IMF has highlighted that this significant improvement in its growth forecast for Spain in 2023 takes into account the greater strength shown by services and tourism, which has also contributed to improving the forecasts for countries such as Italy, although in the case of the transalpine country the improvement has been only four tenths, up to 1.1% in 2023, while in 2024 an expansion of 0.9% is forecast.

Among the rest of the main economies in the euro zone, the new IMF projections contemplate that Germany will suffer a contraction in GDP of 0.3% this year, two tenths worse than expected in April, while for 2024 it anticipates a rebound of 1.3%, two tenths stronger than previously expected.

In the case of France, the new IMF projections predict GDP growth of 0.8% this year and 1.3% in 2024, which represents an improvement of one tenth for this year, while maintaining the forecast for next year.

Thus, for the euro zone as a whole, the new IMF forecasts point to growth of 0.9% in 2023 and acceleration to 1.5% next year, which in both cases implies an upward revision of one tenth compared to the forecasts of last April.