Economic activity continues to exceed expectations, underpinned by a more balanced growth pattern than before the crisis. Growth is set to ease, driven by the expected slowdown in private consumption, despite the projected rebound in investment and the positive external outlook. Unemployment is set to continue declining, and inflation is expected to pick up as core inflation recovers. Thanks to the positive macroeconomic outlook and the impact of mainly corporate taxation measures, the budget deficit and the public debt ratio are expected to continue declining.

Indicators 2015 2016 2017 2018
GDP growth (%, yoy) 3,2 3,2 2,8 2,4
Inflation (%, yoy) -0,6 -0,3 2,0 1,4
Unemployment (%) 22,1 19,6 17,6 15,9
Public budget balance (% of GDP) -5,1 -4,5 -3,2 -2,6
Gross public debt (% of GDP) 99,8 99,4 99,2 98,5
Current account balance (% of GDP) 1,3 1,9 1,6 1,6

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