Spain is likely to change its economic forecasts to more accurately reflect the current economic situation, Prime Minister Mariano Rajoy said on Wednesday.

"International organisations have changed their forecasts on a number of occasions and there are factors that, no doubt, will oblige us to do that ... I believe we will change our forecasts," he said during a weekly appearance in Parliament.

The government is widely expected to update forecasts for a 0.5 percent contraction in gross domestic product for 2013 in April when it passes its new economic forecasts to Brussels.

Most analysts expect a contraction of around 1.5 percent this year.

(Reporting By Sonya Dowsett; Writing by Paul Day)