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Spain raises inflation forecast for 2022, lowers GDP growth target for 2023

Wednesday, July 27, 2022
Spain raises inflation forecast for 2022, lowers GDP growth target for 2023 © Reuters. FILE PHOTO: A waitress clears a table at the terrace of a bar in downtown Ronda, southern Spain, May 4, 2022. REUTERS/Jon Nazca/File Photo

MADRID (Reuters) - Spain raised its inflation forecasts for 2022 and 2023 and lowered its economic growth target for 2023, Economy Minister Nadia Calvino said on Tuesday, citing the war in Ukraine for its continued negative impact on European economies.

The inflation target was lifted to 7.8% in 2022 from a previous 6.1% projected in April, while for 2023 it was revised upwards to 2.9% from 2.2%.

Driven by rising energy and food prices, annual inflation in Spain surpassed 10% for the first time in 37 years in June, forcing the government to raise its expectations for consumer prices.

"The war is having major economic and social effects. All governments are revising growth forecasts downwards and inflation forecasts upwards," Calvino said.

Spain maintained its growth target for 2022 at 4.3%, partially helped by a strong tourist season leading to "strong GDP expansion" in the second quarter, she said.

The country's statistics institute is due to release second quarter GDP growth later this week.

For 2023, however, Calvino lowered the economic growth target to 2.7% from a previous target of 3.5%.

The downgrade came on the same day the International Monetary Fund revised its growth forecast for Spain down to 4% in 2022 from 4.8%. The IMF expects 2% growth in 2023.

The government also maintained its budget deficit targets for this year at 5% of GDP and 3.9% for 2023, Budget Minister Maria Jesus Montero said, as the fiscal straightjacket rules that set a 3% budget gap limit on EU member countries remain suspended. Spain expects a 3% budget deficit in 2025, she added.

The spending ceiling will be a record 198 billion euros in 2023, slightly more than this year, Montero said.

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19-08-2022 15:22:00 (UTC+7)

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 EUR/USD1.0078↑ Sell
 GBP/USD1.1883↑ Sell
 USD/JPY136.68Neutral
 AUD/USD0.6897↑ Sell
 USD/CAD1.2980↑ Buy
 EUR/JPY137.77↑ Sell
 EUR/CHF0.9657↑ Sell
 Gold1,765.50↑ Sell
 Silver19.133↑ Sell
 Copper3.6205Neutral
 Crude Oil WTI89.41↑ Sell
 Brent Oil95.48↑ Sell
 Natural Gas9.093↑ Sell
 US Coffee C214.73↑ Sell
 Euro Stoxx 503,754.85↑ Sell
 S&P 5004,283.74Sell
 DAX13,600.09↑ Sell
 FTSE 1007,531.74↑ Sell
 Hang Seng19,772.50Neutral
 Small Cap 20002,000.73↑ Buy
 IBEX 358,361.75↑ Sell
 BASF43.172↑ Sell
 Bayer53.29↑ Sell
 Allianz176.37↑ Sell
 Adidas165.84↑ Sell
 Lufthansa6.352↑ Sell
 Siemens AG109.55↑ Sell
 Deutsche Bank AG8.668↑ Sell
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