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October 13, 2014

BBVA appreciates the Spanish economy

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BBVA appreciates the Spanish economy

According to estimates of the Spanish bank BBVA, the country's GDP in the third quarter of 2014 increased by 0.5%.

BBVA Research believes that the recovery of the Spanish economy, which began early in the year continued in the third quarter of 2014, in which it is assumed that GDP grew by 0.5%.

According to the latest economic data of Economic Observatory Spain, published the research service of the financial institutions, improving operations in Spain was accompanied by an extension of the creation of jobs. The dates suggest that the growth of job creation in Spain in September 2014 exceeded expectations, but, at the same time, not was fully able to compensate a weak start of the quarter.

A significant reduction in the uncertainty of the economic situation and a less restrictive fiscal policy contributed to the growth in domestic demand, as well as an increase in international investment and private consumption, say the experts of the banking group BBVA.

In addition, BBVA Research confirms that doubt in the reconstruction of Europe, have a negative impact on the estimates of the growth of the region, although still continues to maintain its forecast that the Spanish economy will grow by at least 2.0% in 2015.

Regarding the evolution of domestic demand in Spain in the third quarter of 2014, in this case, it was noted that income and expectations of households in Spain have developed favorably, but some indicators of expenses, such as the registration of motor vehicles and domestic sales of large enterprises, have weakened.

Also, it is worth noting that the economic data relating to an investment in the residential sector show that both supply and demand are close to a turning point that could lead to a moderate rate of growth during the remainder of the year.

Meanwhile, the public consumption continues its moderate growth and it is expected that it will have a positive contribution throughout the year.

Thus, according to experts at BBVA Research, Spain should continue to consolidate economic recovery and for this, the fundamental structural reforms are necessary, as well as a change of production model with a focus on exports.



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