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Investing.com -- The Bank of Spain announced on Tuesday that Spain’s economic growth is projected to slightly decelerate to a steady rate of between 0.6% and 0.7% in the first quarter of 2025, down from the 0.8% growth in gross domestic product (GDP) observed in the previous quarter.
The bank attributed this mild slowdown to a decrease in consumer spending and domestic tourism compared to the fourth quarter, a period typically characterized by higher spending and travel rates.
In its quarterly outlook update, the central bank revised the full-year growth upwards to 2.7%, a slight increase from the 2.5% predicted three months prior. This is largely driven by private spending that continues to support the economy.
The Spanish government also recently adjusted its 2025 growth forecast upwards to 2.6%.
In comparison to other large economies in the euro zone such as France, Germany, and Italy, which anticipate a growth rate of 1% or below, the Spanish economy demonstrates a notable resilience.
The central bank’s growth forecast for 2026 and 2027 remains steady at 1.9% and 1.7%, respectively. In the long term, it anticipates a slowdown in the expansion of the labor force and the vital tourism industry.
In terms of inflation, the bank anticipates that rising energy prices will push European Union-harmonized inflation to 2.5% this year. This is an increase from a previous forecast of 2.1% three months ago, but still lower than the 2.9% inflation rate of 2024.
The bank’s outlook for inflation in 2026 and 2027 remains unchanged at 1.7% and 2.4%, respectively.
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