Latest news with #JoseLuisEscriva
Bloomberg
11 hours ago
- Business
- Bloomberg
Escriva Says Symmetric 2% Goal Should Remain ECB's Primary Guide
The European Central Bank is right to focus on a symmetric 2% inflation target, according to Governing Council member Jose Luis Escriva. That goals 'has been key to keeping inflation expectations anchored over the years, even during recent episodes of high inflation, and should remain our primary guide in the coming years,' he wrote in Spanish newspaper Expansion on Tuesday.
Yahoo
6 days ago
- Business
- Yahoo
Spain's first quarter GDP growth confirmed at 0.6%
(Reuters) -Spain's economy slowed to 0.6% in the first quarter of 2025 compared to the previous period, as geopolitical turmoil and the shadow of continuing trade tensions heighten concerns about global growth. On an annual basis, Spain's first-quarter economic output expanded 2.8%, the country's National Statistics Institute (INE) said on Wednesday, confirming the preliminary growth data released in April. That was lower than the previous quarter's revised 3.3% annualised growth. Quarter-on-quarter growth slowed from 0.7%. In June, Spain's central bank lowered its economic growth forecast for 2025 to 2.4% from 2.7%, but it was still well above the Eurozone's expected 0.9% growth. Bank of Spain Governor Jose Luis Escriva attributed the lower forecast compared to last year's 3.2% expansion to the uncertainty from the tariff war involving the United States, China and Europe. France and Italy have also trimmed their annual growth forecasts to 0.6%, while German economic institutes cut the country's expected economic expansion in 2025 to 0.1%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
6 days ago
- Business
- Reuters
Spain's first quarter GDP growth confirmed at 0.6%
June 25 (Reuters) - Spain's economy slowed to 0.6% in the first quarter of 2025 compared to the previous period, as geopolitical turmoil and the shadow of continuing trade tensions heighten concerns about global growth. On an annual basis, Spain's first-quarter economic output expanded 2.8%, the country's National Statistics Institute (INE) said on Wednesday, confirming the preliminary growth data released in April. That was lower than the previous quarter's revised 3.3% annualised growth. Quarter-on-quarter growth slowed from 0.7%. In June, Spain's central bank lowered its economic growth forecast for 2025 to 2.4% from 2.7%, but it was still well above the Eurozone's expected 0.9% growth. Bank of Spain Governor Jose Luis Escriva attributed the lower forecast compared to last year's 3.2% expansion to the uncertainty from the tariff war involving the United States, China and Europe. France and Italy have also trimmed their annual growth forecasts to 0.6%, while German economic institutes cut the country's expected economic expansion in 2025 to 0.1%.
Yahoo
10-06-2025
- Business
- Yahoo
Bank of Spain sees economic growth at 0.5%-0.6% in second quarter
MADRID (Reuters) -Spain's economy is likely to grow at a solid rate of between 0.5% and 0.6% in the second quarter from the previous three months when it expanded 0.6%, the central bank said on Tuesday, a day after it trimmed its longer-term outlook. Bank of Spain Governor Jose Luis Escriva on Monday lowered this year's growth estimate to 2.4%, still well above the euro zone's average, from 2.7% expected previously, citing the impact of the global trade tensions. "Looking ahead to the coming quarters ... the gradual slowdown in the Spanish economy is expected to continue despite the boost to activity that could come from higher defence and infrastructure spending in the EU," the central bank said in its full report on Tuesday. The outlook was calculated under a central scenario with U.S. tariffs of 10% on European goods and no retaliation, said the Bank of Spain's chief economist, Angel Gavilan. Under a more pessimistic scenario of 20% tariffs retaliated by the European Union, Spain's economy would grow just 2% this year and slow down to about half that pace in 2026. The EU already faces 25% U.S. import tariffs on its steel, aluminium and cars, and the so-called "reciprocal" tariffs of 10% for almost all other goods, a levy that would rise to 20% after a 90-day pause is set to expire in July. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
10-06-2025
- Business
- Business Recorder
Bank of Spain sees economic growth at 0.5%-0.6% in second quarter
MADRID: Spain's economy is likely to grow at a solid rate of between 0.5% and 0.6% in the second quarter from the previous three months when it expanded 0.6%, the central bank said on Tuesday, a day after it trimmed its longer-term outlook. Bank of Spain Governor Jose Luis Escriva on Monday lowered this year's growth estimate to 2.4%, still well above the euro zone's average, from 2.7% expected previously, citing the impact of the global trade tensions. 'Looking ahead to the coming quarters … the gradual slowdown in the Spanish economy is expected to continue despite the boost to activity that could come from higher defence and infrastructure spending in the EU,' the central bank said in its full report on Tuesday. The outlook was calculated under a central scenario with U.S. tariffs of 10% on European goods and no retaliation, said the Bank of Spain's chief economist, Angel Gavilan. Bank of Spain warns of slowing lending income growth Under a more pessimistic scenario of 20% tariffs retaliated by the European Union, Spain's economy would grow just 2% this year and slow down to about half that pace in 2026. The EU already faces 25% U.S. import tariffs on its steel, aluminium and cars, and the so-called 'reciprocal' tariffs of 10% for almost all other goods, a levy that would rise to 20% after a 90-day pause is set to expire in July.
