2023-07-03 13:11:02
He General Council of Economists It has revised its forecast for GDP growth upwards in 2023, to 2.1%, thanks to the “healthy oxygen balloon” of the foreign sector and the improvement in productivity.
According to a note, the “robust growth” of the Spanish economy responds to the “good performance” of exports in the first quarter, especially services, against domestic demand, which, unlike GDP, is still below from pre-pandemic levels.
Likewise, the improvement in productivity has also contributed to the growth of the economy in the first three months of the year, while productivity per time equivalent job was 1.9% (9 tenths more than the previous quarter) and productivity per effective hour worked registered a rate of 2.7% (two and a half points more than in the last quarter of last year).
All in all, economists warn that, despite the improved forecasts, the second semester may show a “certain slowdown” due to the tightening of monetary policy.
The General Council of Economists expects the average inflation rate to end the year between 3% and 3.5%, while the estimated unemployment rate is 12.6%.
With regard to debt, the growth forecast and the data for the same in the first quarter have led to a downward revision of the public debt over GDP, which would be 111.5%, although its « high volume” and the increase in interest rates means that they maintain their deficit forecast for this year at 4.4%.
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