• The global environment has deteriorated and is more uncertain, but we are still expecting a mild slowdown. The impact of protectionism is more evident and remains the main risk, along with an intense adjustment of growth in China and the US, and increased uncertainty in Europe

  • In Spain, the advance of economic activity remains positive. However, in 2018, a deceleration in annual GDP growth of 0.5pp down to 2.5% was consolidated, as a result of a loss of tone in private consumption, a slowdown in external demand and greater uncertainty

  • The global context, accommodative monetary policy, low oil prices and fiscal stimulus will continue to support growth, albeit less than in 2017-2018. GDP growth will remain around 2.4% in 2019 and moderate down to 2.0% in 2020. Risks are on the downside

  • However, it is necessary to promote measures that improve the Spanish economy's capacity to respond to ongoing challenges and generate inclusive growth. Uncertainty regarding the sustainability of external growth increases, and doubts over economic policy and the effects of some measures already taken continue


Download The Full Spain Economic Outlook

This document was prepared by Banco Bilbao Vizcaya Argentaria’s (BBVA) Research Department on behalf of itself and its affiliated companies (each a BBVA Group Company) for distribution in the United States and the rest of the world and is provided for information purposes only. The information, opinions, estimates and forecasts contained herein refer to that specific date and are subject to changes without notice due to market fluctuations. The information, opinions, estimates and forecasts contained in this document have been gathered or obtained from public sources believed to be correct by the Company concerning their accuracy, completeness, and/or correctness. This document is not an offer to sell or a solicitation to acquire or dispose of an interest in securities.

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