Spain’s central bank downgraded its economic growth forecast for this year and next due to the impact of Russia’s invasion of Ukraine, which has boosted inflation, and said the recovery has already slowed in the first quarter.
The Bank of Spain now expects GDP to grow at 4.5% in 2022, lower than the December estimates of 5.4%.
Growth is then expected to slow to 2.9% in 2023 also lower than the previous forecast of 3.9%.
Last year, the Spanish economy recovered 5.1% after a record 10.8% recession in 2020 due to the pandemic.
For 2022 also, inflation is expected at 7.5%, double the previous estimate of 3.7%, and decline to 1.6% in 2024.
Source: Capital
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