November 20, 2024 11:00 GMT
MNI BRIEF: Floods Offset Spain Q3 GDP In ECB Projections - BOS
Spain's central bank governor said any upside for growth in December projections likely impacted by floods.
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MNI (LONDON) - Spain's better than expected growth in Q3 will likely be offset by the impact of the devastating floods in Valencia when the Bank of Spain presents its winter projections to the ECB, Governor Jose Luis Escriva said on Wednesday.
“It would be perfectly possible that one thing neutralizes the other,” he said, referring to the coming projections exercises.
December sees the national central banks prepare the bulk of the projections for the ECB and any upside for the Spanish outlook coming from a stronger-than-forecast third quarter will now be offset by the mitigating factors. The ECB is expected to lower both growth and inflation forecasts when the data is published on December 12.
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