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Financial News: Bank Of Spain Lifts Growth Forecast

Bank Of Spain Lifts Growth Forecast

06/07/2019 - 08:28:00 (RTTNews)

(RTTNews) - The Bank of Spain raised its growth projection for this year but cautioned that the uncertainty surrounding Brexit and the possible protectionist measures at global level are major downside risks.

The economy is forecast to grow 2.4 percent in 2019 instead of 2.2 percent projected in March. GDP growth is expected to ease to 1.9 percent in 2020 and to 1.7 percent in 2021.

Economic growth will follow a path of gradual slowdown over the forecast period as expansionary measures adopted in recent years move to neutral in the medium-term, the central bank noted.

The bank said the risks surrounding the central GDP growth scenario were tilted to the downside. Trade wars and Brexit are of external origin, while uncertainty persists regarding the future economic policy stance within the domestic economy, the bank said.

Inflation is expected to slow to 1.1 percent in 2019 before rising moderately to 1.3 percent in 2020 and 1.5 percent in 2021.

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