Maria Jesus Monterofirst vice president and Minister of Finance, stated this Wednesday in the Congress of Deputies that the macroeconomic forecasts of the International Monetary Fund (IMF) or the Bank of Spain certify that the Spanish economy is “like a rocket”. The economic projections of the Bank of Spain, published last Tuesday, revised upwards the national GDP growth forecast, up to 2.3%. “I refer to the data, indeed the Spanish economy is going like a rocket,” said the vice president in the control session in response to questions from the popular bench.
Specifically, she has been the general secretary of the PP, Cuca Gamarrathe one who asked the vice president if shares opinion with the President of the Government, Pedro Sánchezwho assured with the same words a few weeks ago the good work of the Spanish economy, or like the second vice president, Yolanda Díazwho stated that economic discourse should not fall into “triumphalism.”
“The Bank of Spain itself, Mrs. Gamarra, who has the gift of opportunity, yesterday raised economic growth forecasts Spanish above those that the government itself had,” María Jesús Montero answered. Furthermore, she wanted to highlight the forecasts of the IMF and the European Commission, in addition to praise that 21.3 million memberships were recently exceeded Social Security, that there are 3.6 million more permanent contracts than before the labor reform, that the deficit objectives have been met for four years, that the GDP public debt has been reduced by 20 points in four years and that in 2023 there would be 30,000 million euros of foreign investment.
After answering Gamarra, Montero has been questioned by the deputy secretary and coordinator of Economy of the PP, Juan Bravowho has asserted that the only economy that is doing phenomenally is that of the Council of Ministers, and has stressed that the Government is “a poverty-generating machine.” To support his ruling, Bravo has pointed out that the unemployment rate in Spain is double the average of the European Union, that 21% of signed contracts have a duration of less than seven days and that higher tax pressure of the continent “has occurred in Spain.”
Likewise, he has criticized that the shopping basket has increased by 35%, and in the last three years a worker has lost more than 2,200 euros of purchasing power. “They laugh at all the Spaniards,” Juan Bravo snapped. In the moment of reply, the head of the Treasury portfolio told the PP that his formation has voted “systematically against” of the measures that the Government has presented to defend the Spanish middle class, such as the aid included in the latest anti-crisis decree or the 2023 Budgets.
“Now yes, You have always defended minority interests, big capital and big companies in this chamber.. Therefore, Mr. Bravo, I don’t know if when we talk about people we are referring to the same Spaniards,” the first vice president concluded.
He Bank of Spain publishes this Tuesday its ‘Macroeconomic forecasts and quarterly report of the Spanish economy’. According to the document, the organization that Pablo Hernández de Cos governed until last Monday has placed in the 23% the national GDP growth forecast for 2024. They indicate that the GDP growth data has shown “robust growth” in the first quarter of the year, which is why it has been revised upwards.
From the entity they point out that net external demand contributed significantly to growth during the first quarter. Furthermore, they expect that domestic demand, especially in the area of private consumption, will be the main support for growth in the coming quarters. However, they conclude that these factors that are boosting the Spanish economy above expectations are temporaryand they maintain their doubts for 2025 and 2026. GDP growth is projected to will decelerate along the projection horizon, placing itself at 1.9% by 2025 and 1.7% by 2026.
