The new macro forecasts from Brussels are above the latest ones made by the Government (2%). For 2025, however, its GDP growth forecast worsens by one tenth to 1.9%, as well as inflation, which now stands at 2.3%, two tenths higher than previously projected.
According to the report from the Community Executive, Spain will once again be the economy that grows the most in 2024 among the large ones in the eurozone, driven above all by internal demand and the “resilience” of the labor market.
The Community Executive expects inflation to drop this year one tenth more than estimated in February, to 3.1%, and to remain in this range this year, to be reduced to 2% next year.
The public debt will be reduced, according to the new forecasts, one point more than previously projected, to 105.5% of GDP at the end of the 2014 fiscal year and will continue to fall to 104.8% next year, in line with the Executive estimates.
For the euro zone as a whole, the European Commission maintains the forecast at 0.8% in 2024, supported by the good start of the year, but also without giving up the geopolitical risks that “have increased in recent months”, among them the wars in Ukraine and Gaza.
The Community Executive calculates in its new macroeconomic forecasts that the GDP of the euro zone will increase by 1.4% in 2025 (one tenth less than what it calculated in February), while in the European Union as a whole the GDP will expand by 1% this year and 1.6% next year.
Regarding inflation, Brussels calculates that the eurozone will close this year at 2.5% and next year at 2.1% – after the 5.4% rate in 2023 -, while in the EU it will fall from 6.4% last year to 2.7% in 2024 and 2.2% in 2025.
The Government has celebrated that the European Commission has revised upwards its forecast above the Executive’s forecasts (2%), which certifies that Spain “will lead the economic growth of the euro zone until 2025.”
“In a context of international uncertainty and downward revision of the GDP growth forecasts of some of our main trading partners, the growth of the Spanish economy will be almost three times higher than the Euro Zone average,” he highlights. a statement from the Ministry of Economy, Commerce and Business.
For the department headed by Carlos Body, these data confirm the “effectiveness” of the Government’s economic policy, which is allowing for one of the greatest growth in Europe.”
