The think tank Funcas, led by general director Carlos Ocaña, forecasts 's GDP growth at 2.5% for 2026, followed by 1.8% in both 2027 and 2028. Quarterly growth in 2026 is expected to slow from 0.7% in the second quarter to 0.4% by the final three months.
Inflation is projected to reach 3.7% in 2026 before easing to 3.1% in 2027. Domestic demand will contribute 3 points to GDP in 2026, while the external sector subtracts 0.5 points. Two further deposit facility increases are anticipated to reach a 3% level.
Director Raymond Torres notes 770,000 net jobs will be created by late 2028, cutting unemployment to 9%. However, the public deficit is set to rise annually, reaching 2.9% by 2028. The should stay near 3% with public bonds expected to hit 4%.