Spain Economic Snapshot

Economic Forecast Summary (June 2023)

June 2023

Economic Outlook Note - Spain

GDP growth is projected to slow to 2.1% in 2023 and 1.9% in 2024, after two years of strong post-COVID growth of 5.5%. Lower inflation and a resilient labour market will support households’ consumption. Stronger external demand will underpin export growth. Better demand prospects will encourage private business investment, notwithstanding the rise in the cost of financing.


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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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