Macro - Country Economic Forecasts - Spain
The impact of the Ukraine war continues to shape Spain's outlook as high inflation erodes real incomes and hits consumer confidence, leading to a fall in household spending. We see Spanish GDP growing 4.5% this year (down from our previous 4.8% forecast) and 3.6% in 2023. On a positive note, tourism indicators suggest the sector will see a solid recovery this year, providing the economy a much-needed boost from a sector representing over 10% of GDP.
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