Spain will grow less than 2% annually during the entire three-year period 2024-2026 and unemployment will continue to remain above 11%. The Bank of Spain has raised its growth forecast for this year by three tenths, to 1.9%.
The reason is that the Government will fail to meet the 3% deficit target. This, given the recovery of European fiscal rules, will force Spain to make an adjustment that " would be a downward risk to growth," says Ángel Gavilán, General Director of Economy and Statistics.