Spain cuts 2021 growth forecast to 6.5% from 7.2%
|The Spanish economy is expected to expand 6.5% this year before the EU recovery funds payments versus the previous projection of a 7.2% growth, the country’s Economy Minister Nadia Calvino told a news conference on Friday.
Key quotes
“The economy should expand by 7% in 2022, with output recovering to pre-pandemic levels by the end of that year.”
“Q1 growth lower than expected due to covid third wave, Filomena storm.”
“GDP could recover pre-pandemic levels by the end of 2022.”
“GDP growth rate should exceed 2% in 2024 thanks to investment and reform program.”
“2021 unemployment rate at around 15% versus the previous forecast of 16.9%.”
“Expect growth to speed up in second half of 2021.”
EUR/USD wallows below 1.1900
EUR/USD remains under pressure below 1.1900 on growing covid worries in Europe. The spot was last seen trading at 1.1891, down 0.17% so far.
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