Previously it had predicted GDP growth of 0.2% for 2013. The new forecast - which is now in line with the International Monetary Fund's estimate of -0.6% GDP growth for Spain in 2013 - foresees recovery in 2014, with GDP growth of +1.2%. Spain reckons its GDP will contract by -1.5% in 2012, revising the figure downward from its previous estimate of -1.3%. The outlook for employment has also worsened. Spain predicts 24.6% unemployment, or 0.3% more than the previous estimate.
Spain sees unemployment slightly mitigated in 2013, at 24.3% in 2013 and 23.3% in 2014. The Spanish government has fixed a ceiling on public spending, which will grow by 9.2% to 126.792 billion euros. Spain's finance ministry calculates that in 2013 the state will pay 9.114 billion more euros in interest compared to this year, whereas spending for ministries will fall 12.2%.