Spain cuts its economic growth forecast in one tenth
From 1.8% to 2.1% the forecasts of economic growth for 2019 have been lowered in the European country
The Government of Spain has reduced by a tenth less than announced by the competent government authorities, leaving the forecast of GDP growth by 1.8% according to the macroeconomic chart sent this Mars to the European Commission.
As explained by the Ministry of Economy and Business, this modification is due, almost entirely, to the Annual National Accounts conducted by the National Statistics Institute (INE), which has led to a reduction in GDP growth in the period 2016 -2018. However, the Spanish Executive notes that this forecast “is based on an inertial scenario that does not include any additional tax measures.“
Despite the reduction in forecasts, the Minister of Economy has improved two tenths his estimates on the growth of full-time employment. In 2019 it will grow 2.3%, compared to the previous 2.1%, and in 2020 it will increase 2%, in contrast to the 1.8% initially estimated.
As expressed in or communicated by the Ministers of Economy and Finance “Despite the slowdown caused by external factors and international uncertainty, Spain continues to grow above the euro zone average, and also does more healthy way, by continuing to reduce the public deficit and public debt.”
It is estimated that public revenues for 2020 will be 39.6% of GDP, reaching 512.032 million euros. Maintaining a constant policy scenario, the estimate could register a 4.8% growth in tax revenues.
K.Villarroel
Source: eitb
