Sánchez conveys to Gentiloni the resilience and strength of the Spanish economy in a context of uncertainty

Moncloa Palace, Madrid

Spain was the fastest growing major European economy in 2023, growing by 2.5%, and all forecasters are revising upwards their growth forecasts for 2024 to around 2% of GDP - well above the average growth forecasts for the Eurozone and the EU as a whole. Employment growth in our country also remains strong, at similar rates to last year, when 4 out of 10 new jobs across the EU were created in Spain.

Sánchez and Gentiloni also praised the value of the agreement reached by the 27 member states last December under the Spanish presidency, which fulfilled the mandate the European leaders expressed at the European Council to achieve it before the end of the year. The agreement, pending ratification and entry into force following the agreement in principle reached between the European Parliament and the Council of the EU last February, guarantees a gradual and sustained reduction of deficits and debt with paths adapted to the characteristics of each member state, a counter-cyclical economic policy, inclusive economic growth and the protection of investments in the green, digital, social and defence fields.

The president also stressed that the government is working on the General State Budget for 2024. In this context, Pedro Sánchez explained to the European Commissioner that Spain is already working on a medium-term structural fiscal plan in accordance with the new fiscal rules.

During the meeting, Sánchez and Gentiloni also discussed the development and implementation of the Recovery and Resilience Plan and the disbursement of €10.02 billion requested by Spain last December.

Both addressed the European elections in June and Spain's turnout, which has traditionally been in line with or even above the EU average. In this regard, Pedro Sánchez highlighted the collective reaction of the EU in the management of both the COVID-19 pandemic and the support it is providing to Ukraine vis-à-vis Russia in the interests of peace and stability, as clear examples of all that the EU can do for its citizens.

Non official translation