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The Spanish GDP growth forecast by the European Commission (EC) is on the rise. Specifically, it increases it by three tenths for 2021 , up to 5.9% , and by one and a half points for 2022 , up to 6.8% . From Brussels they have suggested that Spain will be the European Union economy that grows the most in both years. As reported by the Commission, after collapsing by 10.8% in 2020 due to covid-19 , the Spanish GDP will recover its pre-pandemic level in 2022. This will be possible thanks to a recovery driven by improved domestic and external demand . Also, due to the effect of the European recovery funds , which will give an " important " boost especially next year, according to the Community Executive. The macroeconomic forecasts presented by the Commission are somewhat more pessimistic than those of the Spanish Government. This projects an increase in GDP of 6.5% this year and 7% next year. Vaccination and reduction of restrictions, key factors Brussels predicts that, after falling 0.5% in the first quarter of the year, GDP will grow again between April and June . And it will continue with more vigor in the second half of the year due to the greater rate of vaccination and the withdrawal of restrictions .

This will lead to an increase in private consumption and investment on account of the savings accumulated during the pandemic. The implementation of the Recovery, Transformation and Resilience Plan will play a “ decisive role ” in driving this rebound in 2021 and supporting economic expansion, according to the EC. They have also stressed that half of the subsidies that Spain will receive from the fund (almost 70,000 Phone Number Data million euros) will be absorbed until the end of 2022. “ If implemented efficiently ,” says Brussels, “ the economic impact will be important, particularly in 2022. ” The reason is that that year more funds will be absorbed due to the possible attraction of private investment and the carryover effect of 2021. To this, they indicate, the rebound in external demand will be added as tourism approaches 2019 levels. vaccine An economy of " uncertainty " The Community Executive warns that the Spanish economy remains subject to " uncertainties linked to the recovery of tourism and the impact of the pandemic measures ." Including the effective absorption of the recovery plan .



On the other hand, Brussels predicts that the unemployment rate will increase by two tenths in 2021, to 15.7% . And that it will be reduced to 14.4% in 2022 . In this case, the projections are also more pessimistic than those of the Spanish executive (15.2% and 14.1% , respectively). Money The deficit and debt will go down On the fiscal side, the EC projects that the public deficit , which reached 11% of GDP last year, will drop to 7.6% in 2021 . Consequence of the rebound in economic activity and the lower impact of the measures against the pandemic. Also, it is estimated that in 2022 it will be reduced to 5.2% of GDP . Thus, it expects a somewhat smaller deviation than the Spanish government for this year ( 8.4% of GDP) and a similar one for the next ( 5% ). For its part, public debt , which in 2020 rose 25 points to 120% of GDP, will drop to 119.6% this year and 116.9% next year. Brussels has warned that, while the public guarantees adopted by the pandemic “ provide crucial support, they also constitute a risk to the fiscal outlook .”
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[Lilian00]

Spain's economic ascent hinges on several pivotal factors. A robust tourism industry, bolstered by picturesque landscapes and rich cultural heritage, attracts a steady influx of visitors. Additionally, strategic investments in renewable energy projects position Spain as a frontrunner in the green energy revolution. The country's commitment to technological innovation, epitomized by initiatives like thetechtruths fosters a dynamic business environment. Moreover, Spain's emphasis on education and skilled workforce development contributes to sustained productivity and competitiveness. As Spain continues to integrate sustainable practices, foster innovation, and invest in education, it firmly charts its course to economic leadership.

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