The Spanish Chamber of Commerce maintains its forecast for Spanish economic growth in 2023 at 1,9%

In line with the calculations of the Bank of Spain and the European Commission

For 2024, it foresees an acceleration of growth to 2,3%, half a percentage point less than the first estimate made last March.

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The planned progress of GPD in 2024 it will be due almost entirely to the strength of national demand, which will contribute 2,2 percentage points to growth.

The explanation for the recovery in demand is found, on the one hand, in the improvement in household consumption, a magnitude for which growth of 2,1% is expected, and, on the other, in the investment progress, both in capital goods, whose growth could reach 3,9%, and in construction, which would register an advance of more than 5% next year. This recovery will be encouraged by projects related to Next Generation EU European recovery funds.

As regards the inflation, current estimates point towards a moderation in prices that would take the average CPI to 2,2% in 2024. Lower inflationary pressures will be one of the causes that activate private consumption next year.

Between 2023 and 2024, more than half a million jobs will be created and the unemployment rate will drop to 12,7% on average next year

According to the Spanish Chamber's forecasts, almost half a million full-time equivalent jobs could be created between this year and next (250.000 this year and 230.000 next year). Furthermore, the average unemployment rate will be 13,2 in 2023 and 12,7 in 2024.

As to public deficit, A decrease is expected in 2024 to 3,8%, still far from the 3% target.