Macro - Country Economic Forecasts - Spain

Macro - Country Economic Forecasts - Spain

Spain's GDP expanded by 0.3% q/q in Q3, slower than in Q2, but above our and consensus expectations. Despite the outperformance, data are still pointing to weak economic momentum at the end of the year, as high interest rates and an adverse external environment continue to be headwinds to growth. We expect GDP to expand by 2.4% in 2023, with growth moderating to 1.2% in 2024.