The Organisation for Economic Co-operation and Development (OECD) has revised its projections for the Spanish economy. It now estimates a GDP growth of 2.6% this year, four-tenths above its previous forecasts, meaning that Spain will grow more than twice as fast as the Eurozone.
This is noted in the Interim Report of Economic Outlook published this Wednesday, in which the OECD calculates that GDP will grow by 1.8% in 2027, one-tenth more than the projection from June.
Thus, Spanish economic growth contrasts with that of other major European economies, as the organisation forecasts that Germany will grow by 1.1% both in 2026 and 2027, that France will grow by 0.4% and 0.7%, and that Italy will grow by 0.9% and 0.6%, respectively. For the Eurozone as a whole, they project barely 1% growth in both years.
Regarding price developments, the OECD has also revised its general inflation rate upwards and now expects it to be 3.7% in 2026, four-tenths more than in its June report, and 3.4% in 2027, five-tenths higher. For the core rate, it estimates that it will rise more than previously expected in June. Specifically, five-tenths more for 2026, up to 3.4%, and three-tenths for 2027, up to 2.9%.
Here, the projections exceed those of the Eurozone as a whole, where prices are expected to increase by 3% this year and 2.9% next year.
The OECD document highlights that "the considerable oil reserves, additional supply from outside Gulf economies, and discretionary support measures from governments" have contributed to mitigating the impact on the global economy of the adverse effects of the conflict in the Middle East. However, it asserts that global economic prospects still largely depend on whether a lasting solution to the Middle East conflict can be achieved.
In addition, "the ongoing changes in trade policies, including tariffs and export restrictions," increase political uncertainty and contribute to supply disruptions.
"Increased inflationary pressure, lower growth in real incomes, and higher interest rates will moderate short-term growth momentum in many economies, but strong AI-related activity and a supposed moderation of energy prices in line with futures markets next year will help bolster activity until 2027," the OECD indicates.
They emphasise that there is a "considerable uncertainty" surrounding this outlook, especially regarding the potential evolution of energy markets.