Economists cut GDP forecast for this year to 3.8% and the next to 0.9%, well below government calculations
One of the government’s most repeated mantras is that Spain is the fastest growing economy in the eurozone, despite the slowdown caused by the war. But data released by Eurostat this Monday casts doubt on this theory, as the average of the eurozone countries rose by 0.2% in the third quarter of the year (from July to September), the same as Spain. , with countries like Italy (0.5%) or Portugal (0.4%) growing twice.
For example, Spain grew 1.5% quarter-on-quarter in the second quarter while the eurozone advanced only 0.8%, but has now caught up with the slowdown in the Spanish economy, despite the third quarter attraction of the tourism industry for the summer season.
The bloc countries that grew the most during this period for which data is available were Italy (0.5%), Lithuania (0.4%) and Portugal (0.4%). Others, such as Germany (0.3%), where analysts predict an economic recession this year, also rose above Spain and France remained at the same level (0.2%).
On an annualized basis, data for Spain continues to outperform Europe, with a growth rate of 3.8% in the third quarter, compared to 2.1% for the Eurozone. For this reason, the Ministry of Economy sticks to this data, stating that the Spanish economy was “second with the highest year-over-year growth in the EU”, behind only Potugal (4.9%).
Several organizations have lowered their forecasts for GDP growth, especially that of 2023. But the General Council of Economists (CGE) has gone a step further after getting the data for the third quarter and they estimate that the economy in the fourth quarter zero will grow. quarter, meaning GDP will grow by only 3.8% in 2022, six-tenths less than the government’s forecast.
In addition, for the first quarter of 2023, they expect the country to contract by 0.3% and advance just 0.9% in the total for the year, six-tenths less than their previous estimates and 1.2 percentage points below the estimate. from the government. It is the most pessimistic forecast for now, as the IMF, the OECD or the Bank of Spain predict Spain will grow from 1.1% to 1.5% next year.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
