Spain trims 2019, 2020 GDP growth rate target


Spain trims 2019, 2020 GDP growth rate target

The government of Spain cut its growth rate forecasts for both 2019 and 2020 on Tuesday as it submitted its budget blueprint to the European Commission.

The interim Spanish government is looking to attain a 2.1% rise in economic figures in 2019, slightly shy from its 2.2% original forecast, as well as a 1.8% economic growth in 2020 as opposed to a 1.9% previous forecast.

Spain did not move or adjust its budget deficit prediction as it remained set at a 2% target of GDP this year. However, it raised its forecast for 2020 to 1.7% of GDP from the previous 1.1%.

Still, prediction numbers of growth forecast set by the Spanish government remain tentative as it strives to establish a new government and submit a budget plan.

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