Spain:2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain

Author: International Monetary Fund. European Dept.

Spain: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain

Volume/Issue: Volume 2023 Issue 033

Publication date: January 2023

ISBN: 9798400228957

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Topics covered in this book

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Labor , Finance , Inflation , Economics- Macroeconomics , Money and Monetary Policy , International - Economics , December CPI flash estimate , vis nonresident , headline CPI , staff report projection , money market rate , Inflation , Energy prices , Labor markets , Labor market reforms , Income , Global , Europe

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Summary

Two years after the pandemic, the Spanish economy is facing new headwinds from Russia’s invasion of Ukraine. Activity has been resilient so far, supported by a strong rebound in tourism and other services and timely policy support measures. However, elevated global energy and food prices, lower trading partners’ demand, deteriorating consumer and business confidence, and rising interest rates have slowed the recovery of output. Growth is projected to moderate to 1.1 percent in 2023. Risks to the outlook include tighter-than-expected financial conditions, weaker global demand, and further increases in European energy prices.