The deputy governor of the Bank of Spain believes that Spain will recover pre-pandemic GDP levels this summer


Spain will recover the Gross Domestic Product (GDP) levels of 2019 throughout 2023, as assured by the deputy governor of the Bank of Spain, Margarita Delgado, at the Elkargi presentation ceremony.

“We will recover the 2019 GDP growth path around the summer of 2023, when all comparable economies have already recovered it”, he said to advance that in the coming weeks the growth forecast for this year could be revised upwards “by a few tenths”. anus.

During the meeting, Delgado explained that the Covid-19 crisis has had a “profound impact” on the Spanish economy due to the weight of the hotel industry, leisure and tourism.

In addition, he recalled that the main reason for the high levels of inflation is due to energy, although he assures that “this energy component is subtracting from the inflation ratio” for two months. However, this containment has not finished “infecting” food.

To combat this scourge, Delgado has considered “less effective” measures aimed at the entire population, such as lowering the price of fuel or VAT, compared to very “targeted” measures where they are truly needed.


Delgado has estimated that Spain enjoys “sustainable economic growth”, which is why it needs to have a path of fiscal consolidation so that access to international markets is “favored and debt can be placed in the future under the same conditions as is doing now.”

In addition, he regretted that there is no capital market in Europe or institutions that unify that market. He has also criticized the legislative fragmentation between the different states of Europe, since it “subtracts growth” from the GDP. Likewise, he has indicated that Spain suffers from a “productivity problem” due to “the small average size of the companies”.

Already asked if there is legal certainty in Spain, Delgado has assured that it does “seem so” to her, although she has qualified that she is not a businesswoman.