Spain’s Prime Minister Pedro Sanchez announced he will seek re-election in 2027, even though polls suggest his Socialist party may struggle to secure a parliamentary majority.

“I will do it for sure. This is something that I have already spoken with my family and with my party and if they allow me I’m confident we can repeat a majority,” Sanchez said during an interview with Bloomberg Editor-in-Chief John Micklethwait earlier this week.

Sanchez leads one of the euro area’s strongest-performing economies, with Spain projected to expand by about 2.7% this year, over twice the growth rate of the currency bloc.

Unemployment has fallen to its lowest level since the financial crisis, and S&P Global Ratings recently upgraded the nation’s credit rating by one notch.

In addition, Spanish government bonds have also outperformed, delivering a 0.7% return so far this year versus 0.2% for the broader Bloomberg index of European sovereign debt.

“Thanks to green policies, we have dropped electricity prices since 2017 until now by 50%. That enables us to gain competitiveness and thanks to that we’re witnessing this extraordinary outcome of the economic growth in Spain, the PM stated.

That said, Sanchez has struggled to translate economic gains into political support, contending with the most fragmented parliament in decades and corruption scandals tied to former senior party aides and even members of his family.

Polls indicate that the conservative Popular Party and the far-right Vox are poised to win the next general election. In the meantime, his Socialist party must contend with regional votes, including in Andalucía, where conservatives are expected to retain control.

In recent years, the Popular Party and Vox have teamed up to govern in multiple regions and municipalities, and they are broadly expected to replicate that alliance at the national level if they secure a combined majority in the 2027 election.

Sanchez has served as prime minister since 2018, after ousting conservative leader Mariano Rajoy in a no-confidence vote. Governing in a deeply fragmented political environment, he must secure backing from over eight different parties to advance any legislation.

The administration is still operating under the 2023 budget, which was passed prior to last year’s general election.