As the COVID-19 pandemic drags on, Spain is grappling with a sharp rise in inflation brought on mainly by higher electricity and energy prices. While inflation is a major risk, we are forecasting continued recovery in 2022, with GDP expected to reach prepandemic levels by the start of 2023, underpinned by the assumption of a slowdown in energy-price inflation beginning in the spring.
Las previsiones de Funcas para 2022 cifran el crecimiento esperado del PIB en un 5,6 %. Las tendencias expansivas irán perdiendo vigor en 2023, a medida que se agotan la demanda embalsada, el sobreahorro familiar y el margen de rebote del turismo.
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 previous forecast. Inflation will continue to be a key source of risk, with the potential to further undermine household and business purchasing power.
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 previous forecast. Inflation will continue to be a key source of risk, with the potential to further undermine household and business purchasing power.