Agency. The Bank of Spain lowered the country’s economic growth forecast to 2.4 per cent for 2025 from 2.7 per cent and to 1.8 per cent for 2026 due to uncertainty over US customs duty policies.
The bank’s governor, Jose Luis Escriva, made the announcement in an address to the Parliament’s Economic Commission. The announcement comes ahead of the publication of the bank’s quarterly report on the Spanish economy on June 10. Escriva used the word uncertainty at least 18 times in his speech.
He warned that prolonged uncertainty could put an increasing burden on Spain’s economy. Despite lowering the growth forecast, the bank has kept its forecast for the unemployment rate at 10.5 percent in 2025. While the 2026 estimate has improved slightly, it has been reduced to 10.2 percent from the previous report.
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