Calviño assumes the slowdown in growth, but highlights the "strong resilience" of the Spanish economy

Affirms that all organizations expect the Spanish economy to grow in 2023 well above surrounding countries

MADRID, 11 Oct. (EUROPA PRESS) -

The First Vice President and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, acknowledged on Tuesday the slowdown in the growth of the Gross Domestic Product (GDP) in Spain next year, although she highlighted the "strong resilience" of the Spanish economy in the face of the current context of uncertainty.

Proof of this is that the Government forecasts for 2022 a growth of the economy of 4.4%, a progress that will slow down in 2023 to 2.1%. Just this Tuesday, the International Monetary Fund (IMF) has lowered its growth forecasts for the Spanish gross domestic product (GDP) eight tenths for 2023, to 1.2%.

"Right now what we foresee is a very significant slowdown in growth, with a growth forecast this year of 4.4% and around 2% for next year. We are talking about a slowdown in economic growth, but also of a strong resilience of the Spanish economy", the vice president pointed out in statements to the media at the Spanish trade office in New York.

Despite this, the vice president has emphasized that the Spanish economy, up to now, continues to record "strong" growth and presents a series of "strength" elements to face and address the challenges that lie ahead.

That yes, the head of economics of the Government has indicated that the evolution of the economy in the coming months, which will be "complicated", will depend substantially on how the war and the German economy evolve.

Asked about the differences in forecasts between the Government and the different national organizations--especially in terms of estimates for GDP growth in 2023--, the vice president has once again stressed that it is a "normal" circumstance, in a context of "strong uncertainty" like the current one.

"The important thing is the message that the Spanish economy will continue to grow in 2023 and all the organizations expect it to grow well above the countries around us, continuing with the remarkable dynamism that we have registered in these years", highlighted the economic manager of the government.

In this sense, he stressed that the 2023 General State Budgets that have already been presented in Congress are marked by "prudence and fiscal responsibility".

Despite this scenario of "prudence", the vice president has once again insisted on an income pact between employers and workers to have "a predictable context and framework for the coming years", since it would give confidence and peace of mind to workers, to companies to investors and to all citizens.

For this reason, Calviño has stressed that the Government is contributing to this pact with all the measures to support families, as well as with the recent agreement with the representatives of public workers.

In this context, the minister hopes that the social agents reach an agreement on the evolution of wages in the private sector in these years, as well as on business margins.

Asked about the increase in the Minimum Interprofessional Salary (SMI), Calviño recalled that between now and the end of the year the Government will adopt the appropriate decision regarding its evolution.

The vice president has indicated that a set of elements are planned that will be taken into account when determining how the SMI evolves: the evolution of prices, the evolution of employment or the evolution of the Gross Domestic Product, among others.

"The technical teams are working and between now and the end of the year, we will make the decision that seems most appropriate to continue promoting economic growth and also job creation in our country," he stressed.