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Panorama econòmic

Economic indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Spain has been in the midst of a balanced economic recovery in recent years; however; the COVID-19 crisis led the country into an unprecedented downturn in economic activity in 2020, with the deepest contraction among EU member states. Nevertheless, despite the fact that containment measures still in force dragged down the economy in the first half of 2021, Spain’s GDP is estimated to have grown 5.7% over the year (IMF), with tourism-related activities supporting the recovery and private demand as the main growth driver. Spain is set to continue growing in 2022 (6.4%) and to return to its pre-pandemic level by the beginning of 2023. The EU Recovery and Resilience Plan (RRP) is expected to boost both public and private investment, as household consumption should remain strong over the forecast period.

Spain’s public finances deteriorated swiftly as a consequence of the COVID-19 pandemic and of the measures taken to contain its impact: in 2021, the general government deficit stood at 5.1% of GDP. As most measures will gradually phase out, from 2022 the deficit should start following a downward trend (4.4% of GDP this year and 4.3% in 2023). Conversely, after increasing by almost one-fourth in 2020 (to 119.9%), the debt-to-GDP ratio rose only marginally in 2021 (120.2%) and is expected to float around 116% over the forecast horizon, thanks to sustained economic growth and the containment of total current expenditure. Amid rising energy prices, headline inflation stood at 2.2% in 2021, despite some measures adopted by the government (including reduced VAT rates). The slack in the Spanish labour market should help to contain wages and inflationary pressures, thus inflation is expected to moderate to 1.6% this year and to slow further to 1.4% in 2023 (IMF forecast).

Existing short-time work schemes were reinforced to offset the COVID-19 crisis; however, the pandemic widened inequalities in the labour market, with disruptions among young, low-skilled, and temporary workers being particularly harsh. Nevertheless, both the number of workers and the unemployment rate have roughly recovered to their pre-pandemic levels. The latter stood at 15.4% in 2021 but is expected to decline to 13.9% in 2023. Spain remains a country with strong inequalities: according to the latest data by the Spanish Statistical Office, 26.4% of the population was at risk of poverty or social exclusion in 2020, up by more than 620,000 individuals in one year as a repercussion of the pandemic-induced crisis.

 
GDP Indicators 20202021 (e)2022 (e)2023 (e)2024 (e)
GDP (billions USD) 1.001.001.001.001.00
GDP (constant prices, annual % change) -10.85.14.31.22.6
GDP per capita (USD) 2730292931
General government balance (in % of GDP) -5.4-4.3-4.5-4.2-4.3
General government gross debt (in % of GDP) 120.0118.6113.6112.1110.1
Inflation rate (%) -0.33.18.84.93.5
Unemployment rate (% of the labor force) 15.514.812.712.312.1
Current Account (billions USD) 10.5613.15-2.42-3.52-1.51
Current account (in % of GDP) 0.80.9-0.2-0.2-0.1

Font: IMF – World Economic Outlook Database, 2016

Note: (e) Estimated data

 
Monetary indicators 20162017201820192020
Dòlar americà (USD) - Average annual exchange rate for 1 EUR 1.061.121.181.12n/a

Font: World Bank, 2015

 

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