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Financial News: Spain Govt Trims Growth Forecasts

Spain Govt Trims Growth Forecasts

10/15/2019 - 08:29:00 (RTTNews)

(RTTNews) - Spain's acting government lowered the economic growth forecasts for this year and next in its 2020 Budget Plan, released on Tuesday, and which will be send to the European Commission.

The government cut the growth forecast for this year to 2.1 percent from 2.2 percent projected in April, the economy ministry said.

The growth projection for next year was trimmed to 1.8 percent from 1.9 percent.

The ministry attributed the lowering of growth forecasts "almost entirely" to the review of the annual national accounts by the statistical office INE.

Domestic demand is estimated to contributed 1.5 points to growth this year and 1.6 points next year. External demand contribution is expected at 0.6 points this year and 0.2 percent next year.

The unemployment rate is expected to fall to 13.8 percent this year and to 12.3 percent next year.

The budget deficit is forecast at 2 percent of GDP this year and to fall to 1.7 percent in 2020.

The country is set to go to polls on November 10.

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