Forecast
Forward projections from the prediction engine — baseline plus an optimistic/pessimistic band and a confidence interval, per macro indicator. These are PROJECTIONS, not observations: generated from observed history, never a guarantee. A country we hold no projections for is shown honestly.
Forecast
Need it as JSON? GET /api/v1/forecast/country/{iso3}.
Spain: forward projections across 17 macro indicators, horizons 2026, 2027, 2028, 2029, 2030, 2031, 2035, 2036. These are projections, not observations — each carries an optimistic/pessimistic band and a confidence interval, anchored against the latest observed value where one is held.
Nowcast
Each indicator nowcast from its strongest leading series — inferable from observations already in hand.
For each indicator, Spain's strongest leading series is fit by ordinary least squares over their shared observed history, then the leader's already-observed recent values project the target — so the next year or two is inferable from data already in hand. These are nowcasts from a leading correlation: correlation, not causation, and not a guaranteed forecast.
Led by GDP (current US$) by 3 years (it moves withthe target; r = 0.818 over 46 obs).
| Year | Nowcast | Implied by GDP (current US$) in |
|---|---|---|
| 2026 | 101.89 | 2023 (1.6T) |
Latest observed2.6(2026)· IMF DataMapper API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 3.44 | 5.45 | 1.44 | 2.98 – 3.91 |
| 2028 | 3.93 | 7.4 | 0.46 | 3.03 – 4.83 |
| 2030 | 4.41 | 8.89 | -0.06 | 3.15 – 5.68 |
| 2035 | 5.63 | 11.96 | -0.7 | 3.44 – 7.82 |
Blended 1-yr-ahead2.72· skill-weighted across models
Track record±0.84typical miss · 1 realized · 32% MAPE
Method: linear_trend; lookback 8y; horizon 1y; confidence 80%
Latest observed36.64(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 37.26 | 43.76 | 31.62 | 35.73 – 38.78 |
| 2028 | 38.5 | 49.76 | 28.74 | 35.04 – 41.96 |
| 2030 | 39.74 | 54.28 | 27.14 | 34.49 – 45 |
| 2035 | 42.85 | 63.41 | 25.03 | 33.05 – 52.64 |
Blended 1-yr-ahead36.87· skill-weighted across models
Track record±0.99typical miss · 1 realized · 3% MAPE
Method: linear_trend; lookback 8y; horizon 1y; confidence 80%
Latest observed1.9T(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 2T | 2.2T | 1.8T | 1.9T – 2.1T |
| 2028 | 2.2T | 2.6T | 1.9T | 2.1T – 2.4T |
| 2030 | 2.5T | 3T | 2T | 2.2T – 2.7T |
| 2035 | 3.1T | 3.8T | 2.4T | 2.4T – 3.7T |
Blended 1-yr-ahead2.2T· skill-weighted across models
Track record±84.2bntypical miss · 1 realized · 4% MAPE
Method: weighted_composite; lookback 8y; horizon 1y; confidence 80%
Latest observed2.82(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 3.48 | 12 | -10 | 0.76 – 6.2 |
| 2028 | 4.9 | 12 | -10 | 0.06 – 9.75 |
| 2030 | 6.33 | 12 | -10 | -0.13 – 12 |
| 2035 | 9.89 | 12 | -10 | -0.11 – 12 |
Blended 1-yr-ahead1.94· skill-weighted across models
Track record±0.98typical miss · 1 realized · 39% MAPE
Method: weighted_composite; lookback 6y; horizon 1y; confidence 80%
Latest observed38.6k(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 40.3k | 45k | 36.2k | 39k – 41.5k |
| 2028 | 44.4k | 52.6k | 37.3k | 41.1k – 47.7k |
| 2030 | 48.5k | 59.1k | 39.4k | 43k – 54k |
| 2035 | 58.8k | 73.7k | 45.9k | 46.6k – 71k |
Blended 1-yr-ahead43.6k· skill-weighted across models
Track record±1.5ktypical miss · 1 realized · 4% MAPE
Method: weighted_composite; lookback 8y; horizon 1y; confidence 80%
Latest observed3.93(2026)· ECB Data Portal API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2027 | 3.35 | 5.31 | 1.25 | 2.81 – 3.89 |
| 2029 | 2.66 | 6.06 | 0 | 1.7 – 3.63 |
| 2031 | 2.33 | 6.71 | 0 | 1.06 – 3.59 |
| 2036 | 2.06 | 8.25 | 0 | 0.2 – 3.91 |
Blended 1-yr-ahead4.03· skill-weighted across models
Method: mean_reversion; lookback 10y; horizon 1y; confidence 80%
Latest observed97.6(2026)· IMF DataMapper API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 100.79 | 115.13 | 84.24 | 96.97 – 104.61 |
| 2028 | 101.36 | 126.2 | 72.7 | 92.67 – 110.05 |
| 2030 | 101.93 | 134 | 64.94 | 88.85 – 115.02 |
| 2035 | 103.37 | 148.71 | 51.05 | 79.85 – 126.88 |
Blended 1-yr-ahead97.44· skill-weighted across models
Track record±3.19typical miss · 1 realized · 3% MAPE
Method: linear_trend; lookback 10y; horizon 1y; confidence 80%
Latest observed32.81(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 33.19 | 39.93 | 26.46 | 31.63 – 34.75 |
| 2028 | 33.95 | 45.62 | 22.28 | 30.54 – 37.37 |
| 2030 | 34.71 | 49.77 | 19.65 | 29.63 – 39.79 |
| 2035 | 36.6 | 57.91 | 15.3 | 27.49 – 45.72 |
Blended 1-yr-ahead33.17· skill-weighted across models
Track record±0.63typical miss · 1 realized · 2% MAPE
Method: linear_trend; lookback 8y; horizon 1y; confidence 80%
Latest observed2.67(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 2.78 | 9.94 | -4.89 | 1.15 – 4.41 |
| 2028 | 2.64 | 15.03 | -5 | -0.23 – 5.51 |
| 2030 | 2.5 | 18.5 | -5 | -1.25 – 6.25 |
| 2035 | 2.15 | 24.77 | -5 | -3.21 – 7.51 |
Blended 1-yr-ahead3.66· skill-weighted across models
Track record±0.92typical miss · 1 realized · 25% MAPE
Method: exponential_smoothing; lookback 6y; horizon 1y; confidence 80%
Latest observed5(2026)· ECB Data Portal API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2027 | 4.15 | 9.51 | -1.59 | 2.9 – 5.41 |
| 2029 | 3.34 | 12.62 | -5 | 1.12 – 5.56 |
| 2031 | 3.04 | 15.03 | -5 | 0.15 – 5.94 |
| 2036 | 2.89 | 19.84 | -5 | -1.33 – 7.11 |
Blended 1-yr-ahead4.95· skill-weighted across models
Method: mean_reversion; lookback 10y; horizon 1y; confidence 80%
Latest observed20.61(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 20.63 | 21.72 | 19.69 | 19.99 – 21.27 |
| 2028 | 20.72 | 21.92 | 19.68 | 19.19 – 22.25 |
| 2030 | 20.81 | 22.36 | 19.47 | 18.45 – 23.17 |
| 2035 | 21.03 | 23.22 | 19.13 | 16.67 – 25.39 |
Blended 1-yr-ahead20.63· skill-weighted across models
Track record±0.25typical miss · 1 realized · 1% MAPE
Method: weighted_composite; lookback 8y; horizon 1y; confidence 80%
Latest observed49.4m(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 49.2m | 51.6m | 47.1m | 47.7m – 50.8m |
| 2028 | 49.8m | 52.1m | 47.6m | 46.1m – 53.5m |
| 2030 | 50.3m | 52.7m | 48.1m | 44.6m – 56.1m |
| 2035 | 51.7m | 54.2m | 49.5m | 41m – 62.5m |
Blended 1-yr-ahead50.3m· skill-weighted across models
Track record±705.6ktypical miss · 1 realized · 1% MAPE
Method: exponential_smoothing; lookback 10y; horizon 1y; confidence 80%
Latest observed1.02(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 1.04 | 14.4 | -8.98 | -0.65 – 2.73 |
| 2028 | 1.25 | 15 | -10 | -1.71 – 4.2 |
| 2030 | 1.45 | 15 | -10 | -2.4 – 5.3 |
| 2035 | 1.96 | 15 | -10 | -3.63 – 7.56 |
Blended 1-yr-ahead1.34· skill-weighted across models
Track record±0.86typical miss · 1 realized · 85% MAPE
Method: weighted_composite; lookback 7y; horizon 1y; confidence 80%
Latest observed89.1bn(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 92.3bn | 99.9bn | 84.6bn | 89.4bn – 95.1bn |
| 2028 | 100.4bn | 113.7bn | 87.2bn | 93bn – 107.9bn |
| 2030 | 108.6bn | 125.7bn | 91.5bn | 96.3bn – 120.9bn |
| 2035 | 129.1bn | 153.2bn | 104.9bn | 102.3bn – 155.8bn |
Blended 1-yr-ahead91.2bn· skill-weighted across models
Method: weighted_composite; lookback 8y; horizon 1y; confidence 80%
Latest observed2.02(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 1.97 | 2.43 | 1.5 | 1.86 – 2.07 |
| 2028 | 1.91 | 2.71 | 1.1 | 1.69 – 2.12 |
| 2030 | 1.88 | 2.92 | 0.84 | 1.57 – 2.19 |
| 2035 | 1.86 | 3.33 | 0.39 | 1.34 – 2.38 |
Blended 1-yr-ahead2.05· skill-weighted across models
Method: mean_reversion; lookback 10y; horizon 1y; confidence 80%
Latest observed128.6bn(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 136.3bn | 148.2bn | 124.3bn | 132bn – 140.5bn |
| 2028 | 155.7bn | 176.4bn | 135.1bn | 144.2bn – 167.2bn |
| 2030 | 175.2bn | 201.8bn | 148.6bn | 155.3bn – 195.1bn |
| 2035 | 223.9bn | 261.6bn | 186.2bn | 177.5bn – 270.3bn |
Blended 1-yr-ahead135.4bn· skill-weighted across models
Method: weighted_composite; lookback 8y; horizon 1y; confidence 80%
Latest observed10.38(2025)· World Bank Indicators API
| Year | Baseline | Optimistic | Pessimistic | Conf. band |
|---|---|---|---|---|
| 2026 | 9.31 | 10.19 | 8.44 | 9.03 – 9.6 |
| 2028 | 7.19 | 8.7 | 5.68 | 6.61 – 7.77 |
| 2030 | 5.07 | 7.01 | 3.12 | 4.36 – 5.77 |
| 2035 | 0 | 2.76 | 0 | 0 – 0.58 |
Blended 1-yr-ahead9.06· skill-weighted across models
Track record±0.49typical miss · 1 realized · 5% MAPE
Method: linear_trend; lookback 6y; horizon 1y; confidence 80%
Reliability badges show each indicator's best model skill— how much it beats a naive last-value forecast, measured out-of-sample on that series' own observed history (backtested one-step-ahead). A track record, not a guarantee of future accuracy.
Generated by the prediction engine (model prediction-engine-v1) on 2026-10-31 from observed history. Projections, not observations — never a guarantee of future values.
Machine-readable: GET /api/v1/forecast/country/ESP · Country page → · Full brief → · API docs
| 2027 | 106.97 | 2024 (1.7T) |
| 2028 | 115.61 | 2025 (1.9T) |
Fit: Govt debt / GDP ≈ 24.475 + 0·GDP (current US$). Correlation, not causation.
Led by Govt debt / GDP by 1 year (it moves withthe target; r = 0.685 over 45 obs).
| Year | Nowcast | Implied by Govt debt / GDP in |
|---|---|---|
| 2026 | 1.4T | 2025 (100.5) |
Fit: GDP (current US$) ≈ 173508704949.2388 + 12160415584.831·Govt debt / GDP. Correlation, not causation.
Led by GDP (current US$) by 3 years (it moves inversely tothe target; r = -0.657 over 63 obs).
| Year | Nowcast | Implied by GDP (current US$) in |
|---|---|---|
| 2026 | -0.35 | 2023 (1.6T) |
| 2027 | -1.06 | 2024 (1.7T) |
| 2028 | -2.26 | 2025 (1.9T) |
Fit: CPI inflation ≈ 10.3858 + 0·GDP (current US$). Correlation, not causation.
Led by Govt debt / GDP by 1 year (it moves withthe target; r = 0.645 over 45 obs).
| Year | Nowcast | Implied by Govt debt / GDP in |
|---|---|---|
| 2026 | 1.29 | 2025 (100.5) |
Fit: Current account / GDP ≈ -6.109 + 0.0737·Govt debt / GDP. Correlation, not causation.
Machine-readable: GET /api/v1/nowcast/country/ESP?indicator= · API docs
