Spain cuts 2021 growth forecast to 6.5% from 7.2%

Dhwani Mehta FXStreet

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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