The Bank of Spain has raised its growth forecast.

◻️The Bank of Spain has raised its growth forecast for 2024, despite the catastrophic floods in October and the slowdown in the Eurozone.

◼️The bank expects GDP growth to be 3.1% instead of 2.8%. This is a significant acceleration from last year's 2.5% growth. The growth forecast has been raised for the third time this year.

◻️In the fourth quarter, GDP is expected to grow between 0.6% and 0.7%. Although the impact of the floods is expected to slow growth, reconstruction spending and the high growth forecast will contribute to the economy's growth.