Lower Spanish Growth This Year According to Bank Chief

THE Bank of Spain has announced growth will be lower than expected this year.

Pablo Hernandez de Cos, head of the Bank of Spain, has said Spanish growth will be lower this year than expected.

The central bank chief said Spain’s economic recovery will probably be slower than previously thought but, that eventual faster growth will be dependent on vaccinations.

The Bank of Spain had said the economy would grow 6.8% this year, however Pablo Hernandez de Cos said that this year’s GDP would probably be lower.

He told one publication: “I believe that we will make a slight downward revision of our forecasts for this year for the Spanish economy due to the deterioration observed in the first part of the year.

“We expect a more intense recovery from the second semester, but the exact moment and its intensity will depend, to a large extent, on the rapid distribution of the vaccines.”

He added: “For the euro area, we expect it in mid-2022. For Spain, we move to 2023 the moment when the Spanish economy will recover the levels of 2019 in our central scenario.”

According to reports, Spain is expected to be the country with the biggest economic growth this year in the Euro zone after France, whose economy is expected to grow by 5.9 per cent.

Germany will stay with a growth of 3 per cent this year, while Italy will grow by 4.1 per cent.

The UK’s economy is also expected to improve later this year.

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