The Spanish Statistics Institute announced a downward revision of the GDP growth forecast for 2023 to 2.5%, a decrease of two-tenths of a percentage point.
The GDP growth for 2022 has been revised upward, now estimated at 6.4%, an increase of two-tenths of a percentage point.
This figure is now definitive, while those for 2023 and 2024 will be re-examined next September, the institute noted.
These adjustments are part of the regular cycle of national accounts review conducted by the institute, in collaboration with the Bank of Spain and based on data provided by public administration.
Projections for the fourth-largest economy in the Eurozone remain optimistic, according to the Spanish Government, which on Tuesday raised GDP growth forecasts for 2025 by 0.1 percentage points to 2.7%.
“We also have positive prospects until 2028, with robust, balanced, and sustainable growth on solid foundations,” stated Spanish Economy Minister Carlos Cuerpo at that time, expressing hope that Spain would continue to lead among advanced economies in strong growth this year.
Spain’s GDP maintained a positive trend in the first quarter with a growth of 0.6%, and in the second quarter with an increase of 0.7%.
Similarly, the Bank of Spain raised growth forecasts for 2025 this week to 2.6%, an improvement of 0.2 percentage points from the last estimate and 0.1 percentage points higher than the International Monetary Fund’s projection of 2.5%.
