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Spain will lead the growth of the large Eurozone economies in 2023

The OECD estimates that Spanish GDP will grow by 1.5%
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AFP/GABRIEL BOUYS  -   Headquarters of the Banco de España in Madrid

Spain's Gross Domestic Product (GDP) will grow by 1.5% in 2023, which is the highest increase among the four large economies that make up the Eurozone, according to forecasts published by the Organisation for Economic Co-operation and Development (OECD).

Moreover, Spain will not only lead the main economies of the euro area, but its forecast cut has been the smallest among its peers, with an adjustment of seven tenths of a percentage point.

In this way, the OECD has revised Germany's growth downwards by 2.4 points, which will enter a recession of 0.7% next year. On its side, France will grow by 0.6%, eight tenths of a point less; and Italy will advance by 0.4%, also eight tenths of a point less.

"The global economy has lost momentum in the face of the illegal, unjustifiable and unprovoked war against Ukraine. GDP growth has stagnated in many countries and economic indicators point to a widespread slowdown," stressed OECD Secretary-General Mathias Cormann.

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PHOTO/FILE – OECD

With regard to the estimates for 2022, Spain is the country that will grow the most among the other three large euro economies, with 4.4% (three tenths of a percentage point less than previous forecasts). Germany's GDP will expand by 1.2%, seven tenths of a percentage point less, while France's will grow by 2.6%, two tenths of a percentage point more, and Italy's will rise by 3.4%, nine tenths of a percentage point more.

The nineteen countries that make up the euro area as a whole will record a joint growth rate of 3.1% in 2022, which represents an upward adjustment of five tenths of a percentage point with respect to the forecasts of three months ago. Looking ahead to 2023, the data have been revised down by 1.3 percentage points to 0.3%.

On the other hand, the world as a whole is expected to grow by 3% this year, no change from June's estimates, but by 2.2% next year, six tenths of a percentage point lower.