Macroeconomic projections for the Spanish economy (2016-2018) : the Banco de España's contribution to the Eurosystem's December 2016 joint projection exercise

Abstract

This report contains the main elements of the macroeconomic projections for the Spanish economy for the period 2016-2019, which are part of the forecasts for the euro area as a whole recently published by the ECB on 8 December.1 Compared with the projections for Spain for the years 2016-2018 that the Banco de España published in its September Economic Bulletin, the current ones include for the first time forecasts for 2019. These projections incorporate the changes observed up to 17 November in the technical assumptions and in the forecasts for the external environment, as well as in the fiscal assumptions, and the new information available up to the exercise cut-off date, on 24 November. It is particularly worth mentioning that the budgetary measures approved by the Council of Ministers on 2 December were adopted after the cut-off date for the assumptions and are thus not included in the projections