The UN forecasts 2.3% growth for Spain in 2026, compared to 1.1% for the Eurozone

Madrid.- The United Nations (UN) forecasts that the Spanish economy will grow by 2.3% in 2026, compared to an average of 1.3% for the European Union and 1.1% for the Eurozone, in a context where European economies more oriented towards services will leave behind those with a greater industrial weight. Spain’s growth will be sustained by the strength of household consumption and by the boost to investment derived from the arrival of European funds associated with the recovery plan, according to the report “World Economic Situation and Prospects 2026” published this Thursday by the UN.

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Faced with Spain’s advance, the major European economies will register more modest growth, of 0.8% for Germany and France, and 0.6% for Italy, affected by the weakness of external demand, although in the case of the German economy it is expected that the greater spending on defense and infrastructure will promote a gradual recovery. According to the report, US tariffs and geopolitical uncertainties will reduce export performance and affect overall economic momentum in Europe, although this situation will be partially offset by increased consumer spending, supported by better financial conditions and strong labor markets. Inflation will continue to moderate, with an estimated average rate of 2.2% for Spain in 2026, which falls to 1.9% for the euro zone, given the expectations of lower energy prices and contained wage growth, along with the disinflationary effect of the appreciation of the euro. Employment will continue to grow in Europe and unemployment will remain at historically low levels, thanks to the creation of jobs in economies oriented towards the service sector, as is the case of Spain, a country from which the notable decrease in unemployment is highlighted. Looking ahead, high US tariffs and persistent competitiveness challenges could weigh on job creation in the European manufacturing sector, particularly in automotive, while other areas such as construction, engineering, healthcare, and hospitality will continue to face labor shortages. Regarding state budgets, the report points to disparate trends within the Eurozone, with economies such as Spain, Italy, and Greece having managed to improve their public accounts, while Germany has relaxed its fiscal policy to prioritize investment in defense and France is failing to reduce the structural public deficit.