Spain’s acting government has lowered its growth forecasts

Spain’s acting government has lowered its growth forecasts due to domestic and external factors such as trade tensions and raised its deficit estimate.

In a document that is part of draft budget plans submitted to the European Commission, the government said it expects economic output to expand by 2.1% this year, less than a previous forecast of 2.2%.

It sees growth of 1.8% next year, below a previous forecast of 1.9%.

Spain left the budget deficit forecast unchanged from its target of 2% of gross domestic product this year, but raised it to 1.7% of GDP from a previous 1.1% for 2020.

Written by BayRadio