The Spanish government welcomed the European Commission's revised economic growth forecast for 2024, increasing it to 2.1%, surpassing the government's own forecast of 2%. This confirms that Spain will continue to lead economic growth among Eurozone countries until 2025.
The average growth forecast for the Eurozone is 0.8% in 2024 and 1.5% in 2025. In this context, Spain's growth is significantly higher, highlighting the resilience and potential of its economy. France and Italy are expected to have lower growth rates: France at 0.7% in 2024 and 1.2% in 2025, and Italy at 0.6% in 2024 and 1.1% in 2025. Germany's forecast is reduced to 0.2% for 2024 and 1% for 2025, which is much lower than Spain's forecast.
The European Commission also improved the forecast for Spain's budget deficit, estimating it at 3% in 2024, aligning with the government's predictions. Public debt is expected to decrease to 105.5% of GDP in 2024 and to 104.8% in 2025. The Commission predicts that inflation in Spain will continue to decrease to around 2% by 2025.
The Ministry of Economy, Trade, and Industry of Spain believes these data confirm the effectiveness of the government's economic policies, balancing high economic growth with sustained inflation reduction, improving purchasing power, and business competitiveness. These forecasts also confirm the government's commitment to responsible fiscal policy, compatible with measures to support the most vulnerable groups.
Overall, Spain's economic growth prospects appear very optimistic compared to less favorable forecasts for other Eurozone countries.
