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February 13, 2014

GDP growth in Spain in 2014

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The big Spanish bank BBVA presented this week its forecasts for economic development in Spain for the next 2 years. According to experts from the financial institution the Spanish gross domestic product will increase in 2014 by 0.9 % , and in 2015 will grow even more , namely by 1.9%. Such optimistic forecasts even exceed those that the Spanish government published earlier this year. According to these data, Spain's GDP will grow in 2014 by 0.7 % , while Spain's Economy Minister Luis de Guindos even named a figure of 1% , which the opposition naturally perceived very skeptical. However, Minister of Economy of Spain expressed its full confidence in the predictions made , which , according to him , during the year can only be increased, and not reduced.

Experts from the BBVA bank, which made a thorough analysis of the current economic situation in Spain, believe that during the first quarter of 2014 the economy will grow on enough rhythm for the country began to create jobs , but that does not immediately allow to reduce significantly the high unemployment in the country , but would be an important first step in achieving this goal .

Despite the fact that the overall result of the analysis is very positive , experts do not exclude the possibility that the improvement in the economy of Spain will occur more rapidly and resulting macroeconomic indicators will be higher than foreseeable. In any case, the BBVA Bank fully supports the structural reforms in the country, which has already begun or is preparing for the application the current government led by Mariano Rajoy . The analysts from BBVA believe that Spain should follow the taken “reformist” course , which will help the country to recover and strengthen its economy.

At the same time, the specialists of financial giant BBVA warn that there are still important factors that can hamper and even hinder the economic recovery in Spain. Therefore BBVA considers it necessary and supports the continuation of steady movement towards a banking union within the European Union.

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