The Government lowers two tenths of its economic growth forecast for this year, to 1.6%, as explained on Tuesday by the Vice President of Economic Affairs, Nadia Calviño, in the press conference after the Council of Ministers.

The government's new macro chart includes a downward revision of its economic growth forecast also for 2021, 2022 and 2023, up to 1.5%, 1.6% and 1.7%, respectively.

The council of ministers has also agreed to raise the expenditure ceiling in 2020 to 127,609 million euros, which is 3.8% more than in 2019 (122,899 million), and a deficit target for this year of 1.8 % of GDP

and further soften the adjustment of the deficit in which it constitutes its first procedure to elaborate the General State Budgets.

The Minister of Finance, María Jesús Montero, has presented the new deficit path without even revealing how much she missed her own goal softened in 2019.

The route that is now marked by the Government is smoother than the one sent last October to the European Union, consisting of lowering the deficit to 1.1% in 2020 and 0.4% in 2021 to drop to zero in 2022. Regarding the Ceiling of Expenditure, Montero proposed raising it by 4.4% last year, in the budgets that ended up being laid down in Parliament.

On the other hand, the economic vice president, Nadia Calviño, has revised downwards her official growth forecast and, upwards, the unemployment rate, which will go from 13.6% this year to 13% in 2021 and will end in 12 , 3% in 2023, the figure that the Executive hoped to achieve already this year.

In the budget program last October he still maintained that the slowdown would be smoother and that the Spanish economy would grow by 1.9% in 2020 and 1.8% in both 2021 and 2022.

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  • Maria Jesus Montero
  • Nadia Calviño
  • State's general budgets
  • Public deficit
  • minimum salary
  • GDP
  • European Union

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