16 July
Bank of Spain forecasts 0.5–0.6% GDP growth in second quarter of 2025
Spain's economy expanded by 0.6% in the first quarter, with the second quarter growth expected to reach 0.5–0.6%, according to the country's central bank.
Bank of Spain Governor Jose Luis Escriva on Monday revised downward the GDP growth forecast for this year from 2.7% to 2.4%. This still remains significantly above the eurozone average. The official attributed the adjusted estimates to global trade tensions.
The forecast was calculated under a baseline scenario assuming 10% US administration’s tariffs on EU goods without retaliatory measures, stated Angel Gavilan, Chief Economist of the Bank of Spain.
Under a more pessimistic scenario that includes 20% EU import tariffs on US goods, Spain's GDP would grow by just 2% this year, Reuters reports.
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