EU upgrades Spain's GDP forecast for 2023

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EU upgrades Spain's GDP forecast for 2023

STORY: EU upgrades Spain's GDP forecast for 2023 DATELINE: May 17, 2023 LENGTH: 00:01:27 LOCATION: Madrid CATEGORY: ECONOMY SHOTLIST: 1. various of EU flags 2. various of automobile filling station 3. various of people at supermarkets 4. various of Spanish Ministry of Economy headquarters 5. various of people at supermarket STORYLINE: The European Commission (EC) on Monday raised its GDP growth forecast for Spain in 2023 by five-tenths, which stands at 1.9 percent. In the EC's Spring Macroeconomic Forecast, it downwardly revised Spain's inflation estimate to 4 percent, which is four-tenths lower than its previous winter projections. The Spanish economy posted growth of 5.5 percent in 2022. In the first quarter of this year, Spain's real GDP recorded a quarterly growth of 0.5 percent, largely driven by the contribution from external demand thanks to the solid performance of the tourism sector. Xinhua News Agency correspondents reporting from Madrid. (XHTV)

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