Funcas raises Spanish GDP growth forecast to 1.7% in 2023

The Funcas group has revised its growth forecast for Spain’s economy this year to 1.7%, two-tenths higher than the previous forecast, although it cuts the advance of gross domestic product (GDP) by three-tenths to 1.8% in 2024.

GDP growth in the first quarter, up to 0.5%, along with growth in the last semester of 2022 “introduces Positive traction effect “Previous projections were not calculated,” says Funkas, on the growth rate” in 2023.

In the subsequent quarters of this year, growth will be lower at 0.2% and 0.3% in the first three months.

For this year, the National requirement will contribute one percentage point and the foreign sector will add seven-tenths.

The Funcas team does the coding Average inflation this year is 4%Two-tenths lower than the previous forecast, while the headline inflation forecast was raised three-tenths to 5.8%.

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face to face 2024 They expect average rates of 2.9% and 3.4% for the general and core index, respectively.

While, the IPC Intermediate It is expected to be 4.2% in December 2023 and 2.4% in December 2024.

As for job market, The group predicts the unemployment rate will be 12.8% this year and 12.5% ​​next year.

Likewise, the consensus of committee members is a Reduction of public deficit Over the next two years, the figures would deviate from the government estimate by three and seven-tenths to 4.2% of GDP in 2023 and 3.7% in 2024.

Most of these group members believe that The external environment is “unfavourable”. Predict that Monetary policy tighteningAnd so do interest rates European Central Bank (ECB) They will rise to “3.75%” by the end of the year and fall in the following year.

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