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Spain Economic Snapshot

Economic Forecast Summary (December 2021)

GDP is projected to grow by 5.5% in 2022 and 3.8% in 2023, supported by fiscal and monetary policy. Domestic demand will be the main driver of growth as higher confidence, improving labour market conditions, favourable financing conditions and the Next Generation EU funds boost private consumption and investment. Headline inflation in 2022 will remain high, due to the carryover effect from 2021, while core inflation will remain at moderate levels.

Economic Survey of Spain - 27 May 2021

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Reform Priorities (April 2021)

Going for Growth 2021 - Spain

A strong, resilient and inclusive recovery from the COVID-19 crisis requires improving productivity growth, by boosting digitalisation, innovation, and investment in intangible capital. It also requires addressing long-standing structural problems in the labour markets, reinforced by the pandemic: high unemployment, insufficient skills, large regional variation and a large share of workers on non-regular contracts.

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2021 Structural Reform Priorities

  • Competition and regulation: Eliminate regulatory barriers that depend on the size of firms and barriers to operating across regions
  • R&D and digitalisation: Increase R&D spending to boost innovation and productivity growth
  • Education and skills: Improve basic skills and align them with labour market needs
  • Labour market: Improve activation policies and reduce the use of temporary contracts
  • Tax system: Improve the effectiveness of the tax system

 

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