Spanish government revises down growth forecast for 2019

0 Comment(s)Print E-mail Xinhua, January 11, 2019
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MADRID, Jan. 10 (Xinhua) -- The Spanish government revised down Spain's economic growth forecast for 2019, the Economy Minister Nadia Calvino said on Thursday.

Calvino said in an interview on Spain's National Radio (RNE) that the growth forecast for 2019 had been revised down to 2.2 percent from the previous 2.3 percent due to the "greater fiscal adjustment" in the country's General State Budget.

"A stronger fiscal adjustment means lower growth," Calvino explained.

Despite the reduction, the minister stressed that the predicted growth of 2.2 percent is "very remarkable, solid" and is above the average growth in Europe.

The minister also explained that factors such as the expansionary monetary policy and low oil prices would disappear this year, which would also affect economic growth.

The cabinet meeting will pass Friday the General State Budget, which needs to be approved at the Spanish parliament afterwards. Enditem

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