Spain cuts GDP growth target for 2019 and 2020 – draft plan submitted to EU

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MADRID (Reuters) – Spain’s acting government cut growth forecasts for this year and next on Tuesday as part of draft budgetary plans submitted to the European Commission.

The government expects economic output to expand by 2.1% this year, down from a previous forecast of 2.2%, and by 1.8% next year after a previous forecast of 1.9 %.

The government left the budget deficit forecast unchanged from a target set for 2% of gross domestic product (GDP) this year, but raised the forecast for 2020 to 1.7% of GDP from previous 1.1%.

The numbers for 2020 could be revised if Spain is able to form a government and pass a budget.

Reporting by Andres Gonzalez, editing by Ashifa Kassam

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