Macroeconomic projections for the Spanish economy (2020-2023): the Banco de España's contribution to the Eurosystem's December 2020 joint forecasting exercise

Abstract

The European Central Bank (ECB) has published its latest projections for the euro area as a whole following the meeting of its Governing Council on 10 December 2020. This report aims to describe the macroeconomic projections for the Spanish economy, which are included in the aggregate projections for the euro area. The projections refer to the period 2020-2023 and incorporate the information that has come to light since the publication of the previous projections (on 16 September in the Economic Bulletin 3/2020) until 25 November. They also include for the first time the year 2023 in the projection horizon and Spain’s use of the European funds of the Next-Generation EU (NGEU) programme.