Spain said to revise its 2020 GDP forecast lower to -11% – Europa Press
|The Spanish government is reportedly considering downgrading it's Gross Domestic Product (GDP) forecast for this year to between -10% and -11% from May’s 9.2% contraction estimated, Europa Press reported on Sunday, citing sources from the government.
“The government will update its GDP forecast for this year in early October and is likely to update its budget deficit target too to a wider deficit than the 10.3% of GDP target announced in May,” the media outlet noted.
Market reaction
EUR/USD is unfazed by the above headlines, as it tracks the US dollar upside attempts amid positive open on the European markets this Monday.
At the press time, the main currency pair trades modestly flat at 1.1628, wavering in a 25-pips narrow range ahead of the European Central Bank (ECB) President Christine Lagarde’s speech.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.