The Spanish Savings Banks Foundation (Funcas) projects a gradual economic slowdown in Spain starting next year due to persistent inflation and rising interest rates. In its latest macroeconomic forecast, the organization estimates national GDP growth will decline from 2.5% this year to 1.8% in 2027 and 1.7% in 2028.
Funcas attributes this cooling period to inflationary pressures and the anticipated loss of momentum in key sectors, including tourism, which previously supported economic activity. The analysis center also revised its inflation outlook upward. It now expects average annual inflation to reach 3.7% this year and 3.1% in 2025, marking an increase of half a percentage point compared to prior estimates. The foundation’s 2024 growth projection sits slightly below the government’s official forecast.
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