Spanish Economy Ministry to Raise GDP Growth Target

MADRID (Reuters) – The Spanish Economy Ministry is expected to raise its gross domestic product growth target for this year above the current 2.4%, according to Economy Minister Carlos Cuerpo. This marks a notable contrast with other large euro zone economies.

Cuerpo indicated that he would announce an increase in the government growth forecast to above 2.5%, following an expansion of approximately 0.7%-0.8% in the fourth quarter. He shared this information during an interview with the radio station SER late on Monday.

> “Let me have a small margin for surprise, but we will update. We were sincerely below 2.5% and we will update upwards,” he stated.

The Spanish statistics department is scheduled to release GDP growth data for the fourth quarter on Wednesday.

Spain’s economic strength stands in contrast to other major euro zone countries, as France and Germany recently lowered their GDP growth targets to 0.9% and 0.3%, respectively, while Italy anticipates a 1.2% growth.

Eurostat data revealed that GDP in the 20 countries sharing the euro grew by 0.4% in the third quarter, which is half the pace of Spain’s growth.