Spain's GDP upward revision fuels uncertainty on real ... Spain Exports of aluminum containers for compressed or liquefied gas to Portugal - data, historical chart and statistics - was last updated on January of 2022. $1.662 trillion (2015 est.) Jeannette Neumann. The Spanish government cut this year's economic growth projection to 1.6% from 1.8% on Tuesday, expecting a sharper slowdown after a 2% expansion in 2019, and raised its budget deficit target to 1 . The international organization has reduced Spain's growth prospects for 2021 to 5.7%, five-tenths of a point lower than what it said in its July . Regular economic updates for 200 countries, describing in detail our baseline outlook for each economy, with evaluation of key risks and opportunities, and data tables and charts to highlight trends. The figure was above the 7,014 permits granted in October 2020 but below the 11,517 permits granted in September 2021. Forecast: Industry revenue of "activities of call centres ... The International Monetary Fund (IMF) has updated its economic forecasts for this year and 2021, and has improved its short-term predictions compared to those it made in June, for all developed economies except Spain.In the case of Spain, the IMF maintains its estimate of a 12.8% fall in GDP this year, although it believes that in 2021 the economy will rebound more strongly - surging upwards 7 . Alonso Soto, Bloomberg News. An overview has been generated using key economic indicators paired with detailed Statista industry forecasts. Economic forecast for Spain. IMF Cuts Spain's Economic Outlook on 'Key' Pandemic Risk. Spain Forecast - TRADINGECONOMICS.COM At the time, Spain's Economy Minister was quoted saying, "Spain is facing its deepest recession in half a century". December 23, 2021. This dossier presents a comprehensive outlook on the economic status quo in Spain. Our forecast for the eurozone economy is broadly unchanged from our September baseline, but we have modified our view of specific country trends. Spain: Housing permits decrease in October. Nextgen EU Spain's recent performance implementing the recovery funds and outlook for 2022 The European Commission forecasts GDP growth for Spain of 1.7% 2015 and 2.3% in 2016. More positively, despite slowing down, private spending still grew robustly amid a swift inoculation campaign. Reduced uncertainty will lead to a sharp decline in . The Bank of Spain on Tuesday lowered its forecast for economic growth this year due a slower than expected roll out of the European Union's recovery funds for the bloc's coronavirus-battered . But Spain is now also facing an uncertain economic outlook, with slowing growth and unemployment that is the second-highest in the EU, despite having come down from earlier highs. Spain Economic Outlook. Spain Forecast - was last updated on Wednesday, January 5, 2022. Meanwhile, net external demand contributed positively to the GDP as . forecast After recording the deepest contraction in the EU in 2020, the economic recovery is gaining traction in Spain. December 23, 2021. A constructive economic outlook, depleted inventory levels and supply still struggling to respond to resurgent demand point to a second consecutive year of positive double-digit commodity returns in 2022," said Natasha Kaneva, Head of the Global Commodities Strategy at J.P. Morgan. The International Monetary Fund lowered its economic-expansion forecasts for Spain and warned of high downside risks as the coronavirus's omicron variant sweeps across Europe. Domestic demand will be the main driver of growth as higher confidence, improving labour market conditions, favourable financing conditions and the Next Generation EU funds boost private consumption and investment. The European Commission has downgraded the economic forecast for Spain for this year, saying they expect the economy to grow by 4.6% this year, down 1.6% from initial expectations. A vendor serves a customer on a fishmongers stall at the La Boqueria food market in Barcelona, Spain, on Friday, Dec. 10, 2021. Spain to Lower 2021 Economic Forecast After Weak Start to Year. Household consumption climbed 1 percent (vs 5 percent in Q2) and public spending went up 0.5 percent (vs 0.8 percent in Q2). Looking a bit further down the line, it is warranted, though, for the government to enhance the country's long-term growth outlook and to strengthen the structural government budget balance. Despite the economic slump due to the crisis, Spain now seems to recover slowly and forecasts are rather optimistic, in 2014, Spain was even among the countries with the largest GDP worldwide . Economic policies reacted in a timely manner to the crisis, but the recovery will pick up from the second half of 2021. Spanish inflation accelerated to the fastest in nearly three decades in November on rising food prices, underscoring the . We expect the economy to grow by around 1.5% this year and 1.2% next year. The Stable Outlook reflects Fitch's view that recovery prospects for the remainder of 2021 and for 2022, along with continued favourable funding conditions, will facilitate a steady or downward public debt trajectory. The latest macroeconomic forecast for Spain. Listed below are items related to Spain. Spain's ratings remain supported by a high value-added economy, strong governance indicators, and human development rankings above the 'A' peer median. The OECD's forecast follows similar downward reappraisals by the International Monetary Fund (IMF) and the European Commission, both of which reduced Spain's growth prospects after the National Statistics Institute (INE) said in September that the Spanish economy had grown only by 1.1% in the second quarter of this year, instead of the 2.8% . The weak parliamentary basis of the coalition government—comprising the centre-left Spanish Socialist Workers' Party . This is below last year's 1.9%, but above the forecast growth figure for the Eurozone economy of 1% this year and 0.8% next year. By. The Spanish economy contracted again at the beginning of 2021 (-0.9% q/q) due to deteriorating health indicators in both Spain and the rest of EMU, Brexit, the impact of weather events and the increased cost of energy. Spain to Lower 2021 Economic Forecast After Weak Start to Year. The downward revision for 2021 reflects a downgrade for advanced economies—in part due to supply disruptions—and for low-income developing countries, largely due to worsening pandemic dynamics. Economic policies reacted in a timely manner to the crisis, which hit the Spanish economy hard, with a 10.8% fall in GDP in 2020. Spain's dependence on tourism, a predominance of small businesses with small margins and an overreliance on temporary contracts will delay the economic recovery. The large economic contraction of 10.8% in 2020 reflects strict containment measures, but also structural features that made the Spanish economy more This report offers The EIU's forecasts for the economy in Spain, analysing factors affecting GDP growth, inflation and exchange rates. This statistic shows the revenue of the industry "retail sale of textiles in specialised stores" in Spain from 2012 to 2018, with a forecast to 2025. Europe and Central Asia: The regional economy is forecast to grow by 3.9% this The last Article IV Executive Board Consultation was on November 11, 2020. After a rebound in Q2, activity lost steam in sequential terms in Q3 amid slumping fixed investment. Policy support, including short-time work schemes and loan guarantees, changed in line with the evolution . The reopening this summer benefited . Economic Overview. In its new World Economic Outlook for October 2021, the International Monetary Fund (IMF) partly coincides with the Spanish government's own macroeconomic forecast for this year and the next, but disagrees with its long-term deficit projections.. The economic forecast used this demographic data along with adjusters for net exports, relative age distribution and per capita income projections. They are part of the Economic Bulletin, featuring as Box 1 of the Quarterly report on the Spanish economy. It also provides The EIU's long-term forecast, outlining . According to a second estimate, GDP rose 2.6% on a seasonally-adjusted quarter-on-quarter basis in the third quarter, above the preliminary estimate of a 2.0% increase and following the 1.2% rise recorded in Q2. May 25, 2021. Industry revenue of "activities of call centres" in Spain 2012-2025. Unrivalled economic forecasts for 82 countries. At the end of the third quarter, Italy's GDP was 1.4% below its . The forecasts for Spain above were calculated based on projected population data obtained from the World Bank website. For more, see regional overview. This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in Spain from 2010 to 2020. For comparison, the world average in 2026 based on 183 countries is 3.48 percent. MADRID (Reuters) -Spain maintains its economic growth forecast for this year at 6.5% as it was set in April, Economy Minister Nadia Calvino said on Tuesday. December 2021. Prior to the economic crisis in 2008, Spain's economy was seen as one of the most dynamic economies in the European Union, attracting significant amounts of foreign investment. Home > Subscription Services > Countries/Macro > Forecasts and Reports > Country Economic Forecasts. Following the economic crisis in 2008, Spain's GDP started to recover in 2013. GDP is projected to grow by 5.9% in 2021 and 6.3% in 2022, supported by pent-up demand, the national recovery plan and a gradual pick-up of tourism. Spain's borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017. April 8, 2021, 12:31 AM PDT. Our forecast now sees GDP growth at 6.6% this year (from 6.5% last month) and 6.1% in 2022. Last year's . Spain. Mark Cudmore. The economy is likely to expand 7% in . A weak global environment and increasing uncertainty related to Spain's economic outlook are likely to further stem growth. , Matthew Miller. Spain's government slashed its forecast for this year's economic recovery on Friday to reflect a COVID-induced contraction in the first quarter and expected delays to the arrival of EU rescue funds. Macroeconomic projections for the Spanish economy (2021-2024): the Banco de España . Apr.08 -- Spain Economy Minister Nadia Calvino discusses the country's vaccine rollout, summer tourism and the global tax plan. It is projected that the revenue of retail sale of textiles in specialised stores in Spain will amount to approximately 1,619.84 million U.S. Spain's general government deficit in 2020 widened to 11.0% of GDP from 2.9 % in 2019 (estimated 'A' median of 7.5% in 2020). In 2020, agriculture . Portugal Economic Outlook. Major Spanish trading partners include Germany . Employment outlook Download Global Economic Prospects here. METRE) Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Spain has the 5 largest economy in Europe. Spain was the European economy hit hardest by COVID-19, and its recovery has been slower than those of its continental neighbors. Spain - GDP Second estimate revises up growth in Q3. Spain's GDP will grow by 5.7% in 2021, according to the IMF, five tenths of a percentage point less than its previous estimate We are now more optimistic about growth prospects for France and Italy, and less so about Germany's and Spain's (see our forecast table at the end of this article). The updated economic data was presented by Paolo Gentiloni, European Commissioner for the Economy, who highlighted France as a country expected to return to pre-pandemic GDP levels . And high-frequency indicators suggest activity remained robust in July, but the spread of the Delta variant continues to be the main risk to the outlook, especially if it has a strong impact on the summer tourism season, a key element in Spain's economic outlook. Spain Exports of aluminum containers for compressed or liquefied gas to Portugal was US$564.19 Thousand during 2020, according to the United Nations COMTRADE database on international trade. The macroeconomic projections for the Spanish economy are prepared quarterly by the Directorate General Economics, Statistics and Research. Spain's main economic aggregates forecasted using ARIMA - GitHub - gabrielpierobon/spain-forecast: Spain's main economic aggregates forecasted using ARIMA Spain: Fostering the recovery. The OECD Economic Outlook, Volume 2021 Issue 2, highlights the continued benefits of vaccinations and strong policy support for the global economy, but also points to the risks and policy challenges arising from supply constraints and rising inflation pressures.. Regional Outlooks: East Asia and Pacific: Growth in the region is projected to accelerate by 7.7% in 2021 and 5.3% in 2022. About Country Economic Forecasts. Get in touch with us now. Rafael Domenech (BBVA Research) | Though 2022 should be a better year for GDP growth in the Spanish economy than 2021, the current outlook is also far more uncertain than it was a year ago, due to the appearance of new risks and an increase in existing ones — making forecasts even more volatile. Spain's main economic aggregates forecasted using ARIMA. A European Commission forecast had predicted Spain would enter the world's late 2000s recession by the end of 2008. Learn more. May 27, 2021. Consulting. Housing Index (EUR/SQ. The economy slowed down significantly during 4T20, in line with BBVA Research forecast. The economic outlook for Spain is improving as . The latest value from 2026 is 1.7 percent. PMI readings for October and November showed sustained expansions in the manufacturing and services sectors, while the labor market continued to recover in the same period. In 2013, Spain's unemployment rate was 26.4%, well above the European Union (EU) average of 11%. $1.716 trillion (2016 est.) GDP is projected to grow by 5.5% in 2022 and 3.8% in 2023, supported by fiscal and monetary policy. Forecasts and models. The implementation of the Recovery and Resilience Plan will sustain the economic momentum over the forecast horizon and spur public and private investment. The bank forecast the jobless rate would rise to 27.1 percent by the end of this year, from a current 26 percent. IMPACT OF COVID-19: As of December 1, 2020, 45,511 deaths had been attributed to the pandemic in Spain, and the economy was forecast to contract by 12.8 percent for the year. It is projected that the revenue of activities of call centres in Spain will amount to approximately 3,878.04 million U.S. Government had been expecting 7% annual . The Ministry of Economic Affairs and Digital Transformation (MINECO) is the department of the Government of Spain responsible for the proposing and carrying out the government policy on economic affairs, business support and reforms to improve economic potential growth as well as acting as the communication channel with the European Union and other economic and financial international . The pandemic has hit the society and economy hard (Figure 1). Spain | Outlook For Economic Recovery In 2022. The global recovery from the COVID-19 pandemic is uneven and becoming imbalanced. Spain Economic Forecasts Published monthly, Consensus Forecasts™ offers a comprehensive outlook for the Spanish economy, covering 9 macroeconomic variables over a 2 year forecast horizon. The average value for Spain during that period was 4.05 percent with a minimum of -1.04 percent in 2014 and a maximum of 15.19 percent in 1980. Spain's government is set to trim its 2021 growth forecast after renewed pandemic restrictions led to a worse-than-expected first quarter and pushed back the country's recovery. The Stable Outlook reflects Fitch's view that recovery prospects, along with continued favourable funding conditions, will facilitate a steady or downward public debt trajectory. The Bank of Spain believes that activity will return to pre-pandemic levels by the end of 2022 thanks to reopenings of businesses across the country that are supported by the much improved coronavirus figures. In recent days, the Bank of Spain and IMF have both cut their growth forecasts for 2021 to 4.5% and 4.6% respectively while the government maintained its forecast at 6.5%. For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.. Spain has been in the midst of a balanced economic recovery in recent years; however; the COVID-19 crisis led the country into an unprecedented downturn in economic . The revised estimate for Spain's GDP is for an increase of 4.6% this year and 5.5% next year. , Jul 22, 2021. Real GDP will not return to pre-crisis levels before mid-2022. The labour market has shown GDP (purchasing power parity): $1.769 trillion (2017 est.) But the spread of the Delta variant will cause a new surge in the number of cases, which could impact the summer tourism season, a key element to Spain's economic outlook. Spain's economic recovery is proving weaker than initially predicted, with 2021 growth now projected to come in 1.2 percentage points lower than in the . This issue includes a general assessment of the . The European Commission publishes a full set of macroeconomic forecasts for the EU and its Member States in spring (May) and autumn (November) and publishes interim forecasts updating GDP and inflation figures in winter (February) and summer (July). Globally, the economy is predicted to contract by 4.9%. Spain Forecast. Economy Latest Trend Ranking; Composite leading indicator (CLI) Indicator 101.16 Amplitude adjusted Long-term average = 100 Nov-2021 Spain Long-term average = 100 Household disposable income Indicator-1.17 Gross Per capita, percentage change, previous period Spain's short-term economic outlook compares favourably to that of other large Eurozone countries. 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