The Bank of Spain refutes the Budgets: the economic slowdown is greater than the Government admits

• Budgets Treasury squeezes the middle class to collect 113,000 million in personal income tax after leaving it out of its tax reduction

Growth in 2023 will be much lower than the Government estimates;

employment, despite what Vice President Calviño maintains, is "

";

and inflation will continue to punish families harshly.

A single day after the Executive presented the macroeconomic table on which the General State Budgets for 2023 are based,

a good part of these Governments this Wednesday and has made it clear that the slowdown suffered by the economy is significantly higher than the Government wants to admit.

Starting with the growth of the Gross Domestic Product (GDP), whose forecast for 2022 the Bank of Spain raises although, at the same time, it sinks the figure for 2023. Specifically, the rebound this year will be

four tenths more than the forecast that the body itself made in June and one tenth more than what the Government advanced yesterday.

But for 2023 the cut is very important.

"

", as the director general of Economy and Statistics of the BdE, Ángel Gavilán, during the presentation of the new macro forecasts of the organism.

And this translates into something very relevant: that the recovery of GDP levels prior to the pandemic is delayed even further, and

.

Yesterday, the Ministry of Economy insisted that the lowering of the official forecasts did not entail a delay of that moment, but the Bank of Spain has clearly indicated the opposite.

The Spanish economy, therefore, falls further behind the Eurozone, which reached that point at the end of 2021.

"On the other hand, the projected growth for 2023 is 1.5 percentage points lower than that contemplated in the previous forecast exercise, due, among other factors, to the

, to less favorable

conditions ,

to the increase in uncertainty and the

", the aforementioned document elaborates.

Inflation, with this evolution that will weigh down the economy, is also being reviewed in a very profound way.

The expected figure for this year is

, slightly above the 8.5% that the Government estimates as year-on-year data for the revaluation of pensions.

And for 2023 the estimated figure is

, well above the previous forecasts of the Bank of Spain.

This only confirms that

for a long period of time.

"This upward revision is motivated, among other factors, by the surprises that have recently been observed in the advance of prices, by the new paths expected in the future for energy prices and by the fact that a euro is considered more depreciated than in the June financial year," the agency said.

Regarding employment, the BdE points out that "employment has slowed down in the summer months", to which it adds that the "growth rate of Social Security affiliation, whose vigor had surprised on the rise during the first half of the year, slowed down in the third quarter.

This will cause the unemployment rate to even grow between 2022 and 2023: it

.

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