The government will revise upwards both the growth forecast for this year and for 2025

11 Jul. () –

The Minister of Economy, Trade and Business, Carlos Cuerpo, announced this Thursday that the Government will revise upwards both the GDP growth estimate for this year, set at 2%, and that for 2025, at 1.9%.

In statements to Capital Radio reported by Europa Press, Cuerpo indicated that the Council of Ministers next Tuesday will update the macroeconomic framework for the coming years and approve the non-financial spending limit for 2025, known as the spending ceiling, thus initiating the preparation of the General State Budget for the next fiscal year.

“We are going to effectively update our growth forecasts upwards, both for 2024 and 2025. We will present and approve this table at the Council of Ministers next Tuesday and, as you say, this table is particularly important because it serves as a basis for preparing the General State Budget for 2025,” he reiterated.

The minister justified this upward revision of the growth estimate, which for 2024 will be close to 2.5%, by the “good performance” of the Spanish economy so far this year, and also following the lead of other national and international organisations, which are improving their estimates for Spain.

“Given the good performance of the economy in 2024, there is no other option but to keep updating upwards because the performance is very robust. Whether we look at affiliations, the labour market, industrial production, consumer confidence, everything points, indeed, to the fact that the Spanish economy is going to have another good year,” stressed Cuerpo.