Scope to improve Spanish 2021 growth forecast, hints central bank governor By Reuters

MADRID (Reuters) – The governor of the Bank of Spain hinted that there is some scope to improve the forecast for gross domestic product this year from the current figure of 6.2%, in an interview published on Sunday.

The Bank of Spain is expected to update its economic growth forecasts next week.

Pablo Hernandez de Cos, the governor of the Bank of Spain, said there could be a “certain margin” to improve current growth forecasts for 2021.

“The data from second quarter data was somewhat better forecast than in our baseline scenario,” he told El Diario Vasco newspaper.

“In addition, the European Central Bank improved its forecasts for the euro area last week. And although the uncertainty is still high, it is lower than a year ago.”

Hernandez de Cos said the effect of the latest waves of the COVID-19 pandemic have not had such big impact on the economy.

After a record 10.8% slump last year, Spain’s central bank said in June it expected gross domestic product to expand between 4.6% and 6.8% this year, with its central scenario pointing to 6.2% growth, up from 6% in its previous outlook released in March.

It also raised its forecasts to 5.8% for next year, from 5.3% previously, and to 1.8% for 2023, from 1.7%.

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