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February 26, 2014

European Commission supports Spain

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The European Commission (EC) expressed its full support for Spain and presented its official forecasts for the country's economy in 2014 and 2015, which differ significantly for the better made from the same European body in November 2013 . According to forecasts of the EC the Spanish economy will grow this year by 1% , twice as much as was predicted in November 2013 , and the unemployment rate drops to 25.7 %. At the same time, Spain 's budget deficit will be at 6.7 % of GDP , which is slightly higher than the original approved 6.5% by the Government of Spain. This does not account the assistance made to the banking system in Spain of 0.5% of GDP of the country.

Thus, experts from the European Union have expressed their trust and confidence in the Spanish economy and its better future.

At the same time, the Government of Spain predicts that the deficit of the state budget will be reduced significantly and established in 2014 to 5.8% in 2015 and rise to 6.5%, what will happen due to the introduction of a new tax reform which includes the reduction of tax rates on personal income.

Spain's public debt will continue to be very high, reaching 98.99% in 2014 and 103.3 % in 2015. Although this is a very high figure, yet even here there is a slight improvement in the forecasts made by the European Commission, which in November 2013 published figures of 99.9 % and 104.3 %, respectively.

Brussels also presented their forecasts on the development of the Spanish economy in 2015, when, according to experts from the EC , the growth of the Spanish economy will accelerate strongly to 1.7 %.  The given predictions coincide with made by the current Government of Spain, presented by Mariano Rajoy.

European experts have estimated good results and the macroeconomic indexes of Spain of last year. Although the result of the Spanish economy in 2013 fell by 1.2 %, for the quarter quadruple the GDP of Spain grew by 0.3 %, which gave reason to the  of the European commission to make optimistic forecasts.

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