The Basque government will lower its economic forecasts for 2023

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As announced 15 days ago by the Minister of Economy and Finance, Pedro Azpiazu, estimates are maintained for this year, while “smaller” growth is expected for 2023 than previously estimated, at least above 2%.

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The Basque government will assess down their economic forecasts for this year and the next. Economy and Finance Minister Pedro Azpiazu will appear at a press conference this morning to announce the new economic forecasts.

According to what has been put forward both by the Lehendakari Iñigo Urkullu in the General Policy Plenary and by Azpiazu himself on Radio Euskadi, the executive is maintaining its estimates for 2022. As expected, the Basque economy can grow in 2022 above 4% —the current forecast is 4.5%.

Concerning the 2023, Azpiazu was confident that the economy will “go above 2%,” although below its initially forecast growth of 4.1%. “We will slow the growth rate but still be above potential, which is positive in this context,” he argued.

Yesterday, the spokesman for the Basque government, Bingen Zupiria, asked for “clarity” about the proposals and announcements on tax reforms proposed by other autonomous communities and the central government, warning that a new tax on large fortunes could be an “agreement ” with the Basque institutions if this affects Euskadi’s current tax model.

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Source: EITB

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