BBVA Research
BBVA Research

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Growth in Spain will remain high in the 2022-2023 biennium. Pandemic control, the use of pent-up savings, accelerating NGEU funds, ECB measures and high spare capacity would offset the effects of bottlenecks and higher energy prices.
Sluggish purchases of durable goods have constrained the recovery of private consumption in 2021. The increase in household income, a more subdued inflation, the unwinding of excess savings and the boost from NGEU funds will push spending up to around 5.5% in 2022.
Cantabria's GDP could grow by 5.9% in 2021 and 5.4% in 2022. If the forecasts are met, Cantabria will be the region that recovers the fastest to the pre-crisis level of activity and some 15,000 new jobs would be created between 2020 and 2022. There is a downward bias on these forecasts.