Spain's real GDP growth estimated at 5.3% in 2022, 1.6% in 2023

AIReF has lowered its 2022 public deficit forecast by two tenths of a percentage point to 4.5 per cent.

It has reduced its forecast for the general government deficit to 4.5 per cent of GDP in 2022, two tenths of a percentage point higher than the figure published in the previous report due to the implementation of the package of measures approved and the latest budget execution data, the authority said in a release.

On the price side, the recent moderation in industrial and energy price increases has led to a faster than expected decline in energy inflation in late 2022. However, the improved developments in energy prices have been accompanied by elements that seem to point to more persistent growth in other CPI components. Taken together, all the factors considered result in an upward revision to the projected rate of change of the CPI in 2023.

ALCHEMPro News Desk (DS)