Post a Comment Print Share on Facebook
Featured Crímenes PP Tribunal Supremo Audiencia Nacional VOX

The OECD raises growth for Spain in 2023 to 1.7%, more than double that of the euro area

MADRID, 17 Mar.

- 2 reads.

The OECD raises growth for Spain in 2023 to 1.7%, more than double that of the euro area


The growth of the Spanish economy will reach 1.7% this year, an expansion four tenths higher than previously estimated by the Organization for Economic Cooperation and Development (OECD), which represents a noticeable slowdown compared to the 5.5% of 2022, but which places Spain among the advanced economies that will grow the most in 2023 and more than double the 0.8% estimated for the euro area.

Likewise, for next year, the new projections of the 'think tank' for the advanced economies maintain an expectation of GDP growth of 1.7% for Spain, in line with what was anticipated last November, which would place the Spanish economy, along with Germany, as the most vigorous among the main ones in the Eurozone, whose expansion in 2024 is estimated at 1.5%.

Regarding the evolution of prices, the OECD has revised downward its inflation expectations for Spain and now expects the general rate to moderate in 2023 to 4.2%, six tenths less than previously estimated and below the 8.3% in 2022, while for 2024 it contemplates a price increase of 4%, compared to the 4.8% expected last November.

However, the organization is less optimistic regarding the evolution of underlying inflation, which excludes the impact of energy and food, since it has revised its forecast for this year up two tenths, to 5%, compared to 3.8 % of 2022, while for 2024 it maintains its expectation at 3.7%.

In this way, the general inflation rate in Spain this year would remain well below the average for the Eurozone, estimated at 6.2%, although by 2024 the OECD forecasts that the rise in prices among the Twenty will be less intense than in Spain, with an average rate of 3%.

Likewise, while this year underlying inflation in Spain will be slightly lower than the 5.2% estimated for the euro zone, next year the Spanish figure will be seven tenths above the average of 3% for the euro zone.