Spain hikes growth outlook for 2023 and lowers it for 2024
Spain's acting left-wing government on Monday raised its growth outlook for 2023 thanks to a flurry of economic activity in recent months, and despite a complicated international context.
The new revision raised the growth projection for this year from 2.1 percent to 2.4 percent.
It also lowered its growth forecast for 2024 in a draft budget sent to the European Commission, lowering it by 0.4 points to 2.0 percent.
Acting Prime Minister Pedro Sanchez, who has been in power since 2018, is currently seeking the backing to pass a key parliamentary vote that will allow him to stay in office after an inconclusive summer election.
He needs to secure a parliamentary majority to govern by November 27th or Spain will be forced to hold fresh elections, most likely early next year.
Spain's 2023 growth target is slightly lower than that of the International Monetary Fund (IMF), which expects gross domestic product to rise by 2.5 percent.
Its target for 2024, however, is more optimistic, with the IMF seeing growth of just 1.7 percent.
READ ALSO: How will the war between Israel and Hamas affect Spain?
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The new revision raised the growth projection for this year from 2.1 percent to 2.4 percent.
It also lowered its growth forecast for 2024 in a draft budget sent to the European Commission, lowering it by 0.4 points to 2.0 percent.
Acting Prime Minister Pedro Sanchez, who has been in power since 2018, is currently seeking the backing to pass a key parliamentary vote that will allow him to stay in office after an inconclusive summer election.
He needs to secure a parliamentary majority to govern by November 27th or Spain will be forced to hold fresh elections, most likely early next year.
Spain's 2023 growth target is slightly lower than that of the International Monetary Fund (IMF), which expects gross domestic product to rise by 2.5 percent.
Its target for 2024, however, is more optimistic, with the IMF seeing growth of just 1.7 percent.
READ ALSO: How will the war between Israel and Hamas affect Spain?
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