London – On Friday, the Minister of Economy, Trade and Enterprise, Carlos Cuerpo, shared his positive outlook following the European Commission’s revised economic predictions for 2024. He emphasized Spain’s position as “the growth engine of the Union” for this year.
In a conversation with reporters in London, where he met with British counterpart Rachel Reeves, Cuerpo pointed out that the updated growth estimation for Spain—an increase from 2.1% to 3%—establishes the country as “the foremost European economy propelling growth.”
The minister highlighted that this growth must be attained “while upholding fiscal responsibility.” He indicated that deficit expectations are closely aligned with the Government’s forecasts, estimating a 3% deficit for the current year and a decrease to 2.6% by 2025.
During talks with investors and the Minister of Enterprises, Jonathan Reynolds, Cuerpo communicated “the encouraging state of the Spanish economy presently and moving forward,” particularly given recent difficulties in the Valencian Community.
He acknowledged that it is “premature” to completely evaluate the potential impacts of recent storms on economic growth but assured that active surveillance of economic activity and the number of workers in ERTE (temporary layoff) situations—currently around “14,000 to 15,000”—reflects a “very limited impact” thus far.
“We need to monitor how conditions progress in the upcoming days and months. This situation is markedly different from that of COVID-19, where businesses quickly resumed operations after restrictions were lifted,” he remarked.
Cuerpo indicated that the storm has resulted in “damage to facilities, equipment, and stock,” making it essential to support businesses in returning to operational status promptly. He stressed, “The faster we act, the lesser the short- and medium-term ramifications will be.” He reaffirmed the Government’s dedication to assisting the reconstruction and revitalization efforts of the economy. (November 15)
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