If this estimate is confirmed, the Spanish economy will grow more this year than in 2023, when GDP increased by 2.5%.

The Spanish central bank's projections for 2025 and 2026 have also improved compared to the previous estimate, which was from June.

Thus, according to the forecasts, the Spanish economy will grow by 2.2% (plus three tenths) in 2025 and 1.9% (plus two tenths) in 2026.

The Bank of Spain justified the upward revision of the projections with the latest GDP data released by the country's National Statistics Institute (INE) and the positive performance of sectors such as tourism.

As for inflation (price increases), the Bank of Spain estimates that it will moderate to 2.9% this year, to 2.1% in 2025 and to 1.8% in 2026.

The forecasts for the labour market are that the unemployment rate will remain at 11.5% in Spain this year, followed by drops to 11% in 2025 and 10.7% in 2026. Spain is one of the countries in the European Union with the highest unemployment rates.

According to the same projections, Spain will close this year with a public deficit of 3.3% of GDP, which will rise to 3.1% in 2025 and 3.2% in 2026.

In May, the European Commission also improved its outlook for the Spanish economy this year, forecasting GDP growth of 2.1%.

The previous estimate from Brussels, released in February, predicted growth of 1.7% in 2024.

The Spanish economy grew by 0.8% between April and June, compared to the previous quarter, and by 2.9% compared to the same period in 2023, according to the most recent estimate from the Spanish National Statistics Institute (INE) released at the end of July.