The Bank of Spain estimates that the deficit will be below 3% of GDP in 2018, a year later than required by Brussels, while improving its forecast for 2016, to reduce by 4.4% to 4.1% of GDP, above the 3.7% required by the European Commission.
in macroeconomic projections for the period 2016-2018, released today by the Bank of Spain, the company explains that differences regarding the official goals are due to collect more moderate increases in government revenues and nominal gross domestic product (valued at market prices).
in addition, the Bank of Spain expected to economy of this country to advance 2.1% in 2018, implying that the slowdown in growth, which is expected to start this year with a rise in GDP of 2.7% compared to 3.2% in 2015 will be maintained, and which will continue in 2017 with an increase of 2.3%.
the entity estimates that continue to create jobs at high rates relative to GDP growth, enabling additional decreases in the unemployment rate, which at the end of 2018 it will be around 17% of the active population.
currently, unemployment stands at 21% of the highest workforce in the eurozone after Greece.
consumer prices will recover in line with the projected oil price rise, which will raise inflation by 1.7% in 2018, compared to 0% with which closed 2015.
overall, the company speaks of an extension of the current upswing, albeit at a decreasing rate, which will continue to build on the progress made in correcting the imbalances of the economy and the persistence of conditions favorable for funding, thanks to the expansionary policy of the European Central Bank (ECB).
the growth, according to the Bank of Spain, will slow as they lose force transitory elements that have driven the economy as the drop in oil prices, the depreciation of the euro or some fiscal stimulus, which will be offset in part by a gradual recovery in export markets.
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