IMF lowers Spain's 2005 real GDP forecast

IMF lowers Spain’s 2005 real GDP forecast

The International Monetary Fund (IMF) announced that it has reduced its real GDP (Gross Domestic Product) forecast of Spain for 2005 to 2.6% from 2.9%. IMF said its figures differ from government forecasts of 3% GDP because its oil price estimates for the entire year are $11 per barrel higher than the Spanish budget forecasts. In September, IMF lowered its 2004 estimate to 2.6% from 2.7% and for 2005 to 2.9% from 3.3%.