We have raised our 2025 GDP growth forecast for Spain by 0.1ppt to 2.7% amid indications that economic activity remains strong despite the adverse global environment. Spain stands to be relatively more insulated from the current trade war with the US than other European countries, and activity will continue to be propped up by a strong tourism sector and consumer spending. However, we have lowered our GDP growth forecast for 2026 to 1.6% due to the large downward revision to our prospects for global GDP and trade growth.
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