The credit rating agency S&P Global has decided this Friday to maintain Spain's rating at 'A' and has
improved the outlook for Spanish debt
from negative to stable.
In relation to the labor market, the agency forecasts that
unemployment will fall to 12.1% in 2022
and that it will continue to fall throughout the projection period, reaching 9.8% in 2025.
In this sense, S&P has highlighted that the Spanish economy will also be affected by the war in Ukraine, mainly due to the increase in energy costs and the impact of the crisis on the economies of its main trading partners, which has motivated to
reduce its growth forecast for 2022 to 6.1%.
Likewise, it forecasts that
inflation
will stand at 5.3% in 2022, falling below 2% in the following three years.
In addition, the rating agency has pointed to inflation and a potential rise in interest rates by the European Central Bank as a risk, although it points out that the costs of financing the debt will continue to be
lower than the current average cost of the whole of the debt,
which will make it possible to continue reducing the interest burden and reinforce the sustainability of the public debt.
In this way, the
public deficit will maintain its downward path,
standing at 5.5% in 2022 and falling to 3.8% in 2024.
In a statement, the Ministry of Economic Affairs has assessed that the agency values "the implementation of policies and investments that will allow the consolidation of economic growth in the coming years, compatible with a process of consolidation of public accounts".
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