The Government has approved on Tuesday an upward review of its economic forecasts, with an expected growth of the Gross Domestic Product (GDP) this year of 2.7%, one tenth above the 2.6% planned last February.
As explained by the Minister of Economy, Carlos Body, at the press conference after the Council of Ministers to present the new Macroeconóic Table that will support the budget project for next year, it is a “prudent” review with respect to what could end up holding the closing of the year and is adopted because “despite the complex international context in which we are moving” the Spanish economy continues to present “clear signs of strength”.
Corps has explained that forecasts point to growth in the third quarter of 0.7%, which, the minister has indicated, points to an annual growth of 2.8%.
The government forecast for the set of 2025 is greater than the 2.5% that forecasts the International Monetary Fund (IMF), which has placed Spain as the developed economy that will grow the most this year.
By 2026, the executive forecast is maintained at 2.2%. By 2027 and 2028 the government provides that the Spanish economy advance 2.1% in each of the two exercises, “with robust growth, balanced and supported on solid bases”, despite that “complex” international context, with the commercial war of Donald Trump and geopolitical tensions as a backdrop.
“The prospects regarding growth in this year 2025 have been improving over the last months, as has also happened in the previous years,” said the minister, who has congratulated himself that the Spanish economy has not suffered “scars” for the Covid crisis.
“This year it is expected that it will continue to grow two or three times above our main partners and Spain, according to the data in 2024, it was the advanced economy that grew the most in the world and, according to the forecasts for this year 2025, it is expected that this remains the case. Spain will also lead the growth among the great world economies,” said body.
The upward review arrives on the same day in which the Bank of Spain has raised two tenths, up to 2.6%, its growth forecast of the Spanish economy for this year. The supervisor has kept its GDP projections unchanged by 2026 and 2027 at 1.8% and 1.7%, respectively.
This increase in forecasts by the Executive was advanced on Monday by the president of the Government, Pedro Sánchez, at the interparliamentary meeting of the Socialist Group, given the “dynamism of the Spanish economy”, which “has no paragon in Europe.” Sanchez stressed that of the EU economies the Spanish is the “most growing, the one that creates the most employment and the fourth that reduces its public debt.”
This upward review of growth forecasts is the prelude to the budget project that the Ministry of Finance is preparing for 2026, which foresees a record of record spending to try to attract the necessary parliamentary support. And it arrives after last Friday the Standard & Poors Risk Qualification Agency raised the Spanish public debt note for the first time since 2019.
S&P, which doubts that the government achieves the necessary parliamentary support to carry out the budgets, provides that the Spanish economy grow this year 2.6%.
The forecast of the rating agency is in line with which the Panel of Experts of Funcas has just updated, composed of 14 analysis services, which also raised its growth forecast until that 2.6%, two tenths above the provisions of July, for the best performance of the second quarter and the good behavior of national demand. Funcas has also raised the forecast by 2026 to 2%, one tenth above the provisions of July and two tenths below what the government expects.
On the other hand, the Council of Ministers has approved an addendum to the recovery plan to mobilize 1,241 million to cope with the necessary actions to respond to the damage of the DANA around six major axes: green mobility infrastructures, local employment, hydric restoration infrastructure, prevention against adverse climatic shocks through a “satellite constellation”, support for special internationalization and a special line Official Credit Institute (ICO).
Source: www.eldiario.es
