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Bank of Spain to update GDP forecasts after second quarter growth downgrade By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO A protective mask is worn by a man as he passes Banco de Espana, the Bank of Spain, amid concerns about coronavirus epidemic in Barcelona. This was taken March 14, 2020. REUTERS/Nacho Doce

MADRID (Reuters) – The Bank of Spain will have to update its latest economic forecasts following the sharp downward revision by the Spanish statistics institute, the central bank governor Pablo Hernandez de Cos said on Tuesday.

The official data revealed that Spain’s quarter-end gross domestic growth fell to 1.1% from 2.8%. It shattered the optimistic full-year projections of an increase to levels pre-pandemic.

The Bank of Spain had just revised its full year growth forecasts for 2021 from 6.2% to 6.3% two days before.

De Cos stated that these forecasts would need to be revised once they are aware of the impact of the massive revision by the (statistics Institute) INE on the growth seen in the second quarter.

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