Bank of Spain cuts economic outlook

More signs of slowing in the eurozone economy

  • Sees economy shrinking by 0.4% q/q in Q1
  • Revises 2021 GDP to 6% from 6.8% forecast in December
  • Sees 2022 GDP rising 5.3%
  • Sees inflation this year at 1.4% from 0.6% in December
  • Sees inflation 0.8% in 2022 and 1.2% in 2023
  • Sees unemployment this year at 17% vs 18.3% in December

Global markets are souring on slower economic growth in Europe. Oil is particularly soft today, down $2.32 to $59.17.

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