The Bank of Spain warns: inflation will be even higher in 2022 and the Spanish recovery is "clearly less dynamic"

3.7%.

It is the level to which inflation will rebound next year, according to the Bank of Spain.

And this, in addition to a notable increase of two points compared to the previous forecast of the body itself, means that the price level in 2022 will be even higher than the

at which it will end this year.

"We have significantly revised upward inflation in the short term," certified Óscar Arce, General Director of Economics and Statistics of the organization, who stated that "our country is much more sensitive to

" and that "Energy is surprising to the upside but also

are doing so

." That is, other elements such as the prices of services are added to the energy rebound.

In the presentation of what will be the last forecasts of the BdE that he directs before joining the European Central Bank, Arce explained that throughout 2022 inflation will moderate and that in 2023 the data will fall to an average figure of 1, two%. He has also pointed out that, for now, the dreaded second-round effects are not observed since the increases are not being transferred to wages and that the base effects will have a lot of weight, which reinforces the forecast that the CPI will moderate. But, in the short term, and as he himself has pointed out,

But there is more. The BdE also notes and warns that the recovery of the Spanish economy is "clearly less dynamic" compared to the rest of Europe. That the country has been left behind. The strong negative revision of growth in the second quarter of the year carried out by the INE, added "to the negative surprise of the third quarter" and the "

", among other aspects, have caused this delay and a revision " significantly lower than expected growth.

Specifically, for 2021 the BdE expects

than its previous estimate and well behind the 6.5% expected by the Government.

And for 2022, the estimate is 5.4%, which also represents a reduction and also a figure very far from the 7% maintained by the Ministry of Economic Affairs led by Nadia Calviño.

Forecasts Bank of Spain December

With all this, the recovery of the levels of Gross Domestic Product (GDP) prior to the pandemic will not take place until 2023. A new sign that

from the crisis.

"In addition to having suffered a first more negative impact on activity," Arce pointed out, the recovery in Spain is "

."

"The euro zone is three tenths behind recovering the pre-pandemic level," he added, while Spain, at the end of the third quarter, still had more than six points left.

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