This OECD Raised its growth forecast for Spain to 1.7% this year, four-tenths more than I predicted in November and more than double the eurozone average (0.8%)especially thanks to more controlled inflation.
The Organization for Economic Co-operation and Development (OECD) released its interim Outlook report this Friday. therefore, it shows that it is more optimistic about Spain than the European Commission.had predicted an increase in gross domestic product (GDP) a month ago. 1.4%.
This 1.7% rate is by far the highest growth rate among the major countries in the euro area. France (0.7%), Italy (0.6%) and above all Germany (0.3%) were most affected by the effects of the war in Ukraine.
The report’s authors calculate that progress in Spanish GDP will remain at 1.7% through 2024.It’s the same as what they said in November and three-tenths less than the European Commission estimated in February.
Other major single currency states will approach this pace next year. 1% in Italy, 1.3% in France and 1.7% in Germany.
According to OECD projections, Spain’s average inflation this year will be 4.2%, which is six-tenths less than predicted. three and a half months ago, that is, almost half (8.3%) of what was recorded in 2022.
Inflation in 2023 will be clearly lower than that of the euro area as a whole (6.2%) and its main European partners are France (5.5%), Italy (6.7%) and Germany (6.7%).
The problem is that this rate will barely drop by 2024 in Spain (to 4%, eight-tenths of what was risked in November), unlike what will happen in other countries: 2.5% and 3.1% in Italy and France. in Germany.
One of the factors giving weight to this slow decline is a marked (and alarming) recovery in core inflation, especially in SpainExcluding the most volatile prices of energy and fresh food, which will rise from 3.8% in 2022 to 5% this year.
According to the OECD, core inflation in Spain will be 3.7% in 2024, therefore higher than the eurozone average (3%), Germany (3.1%), France (2.3%) and Italy (3%). 2.9) will be much higher. %).