The S&P risk rating agency has uploaded the note to Spain to A+ (remarkable high) with a stable perspective, due to the greatest solidity of an economy less vulnerable to sudden changes in external financing conditions and little exposed to the tariff policy of the United States.
In its report published this Friday, the agency projects a strong growth of employment and domestic demand (consumption and investment), which will favor in 2025 an advance of GDP of 2.6%, three times more than expected on average for the Eurozone.
S & P points out that a decade of departmentalization of the private sector has resulted in a remarkable improvement in the external balance of Spain, which has improved the country’s ability to fall eventual economic crises.
The report emphasizes that the improvement of employment and national demand is largely attributable to immigration, and in particular to that from Latin America, as well as the increase in investment and the effect of previous structural reforms.
In S&P opinion, that the Spanish economy is based on the services sector and that its exports to the US are limited, protect the country from the immediate consequences of US tariffs on goods.
However, the report warns that the note could be lowered if the budget deviations “in a context of high political fragmentation” revert the downward trend of the deficit and public debt.
“The political risk persists, although the coalition of government is probable,” says the report, which states that the PSOE “leads a fragile coalition of minority government” and that “the recent accusations of corruption that involve members close to the government” have increased this risk.
Likewise, it emphasizes that the political impulse of the Government has been limited to “concessions to regional parties – like the amnesty law for Catalan secessionist leaders and the relief of regional debt – to preserve support for government coalition”.
By 2026 S&P, it foresees that the growth of the economy will slowly be 1.9%, while by 2027 and 2028 forecast advances of 1.8%.
In a video referred to the media, the Minister of Economy, Carlos Corps, stressed that the improvement of the qualification of Spain translates into greater confidence of the markets, a greater demand for sovereign debt and a lower financing cost both for the State and for companies.
In this sense, it has stressed that at the end of the year 350 million euros will have been saved in debt interest.
For body, the improvement of the qualification granted by S&P has more value in an uncertain international context and economic slowdown of the European partners of Spain.
Source: www.eldiario.es
