According to experts from Brussels, the Spanish economy will grow more than in other countries in the euro zone this year, and during the next two years.
Spanish GDP will increase by 1.2% this year and 1.7% in 2015, besides Spain will reach the level of the budget déficit in 2014, according to the requirements of the European Union, but at the same time, it can not do this again next year, if the necessary reforms wiil be not implemented within the current year, as reported by the European Commission (EC).
Thus, the European Commission (EC) has improved in one tenth its growth forecasts for the Spanish economy in 2014, which is expected to close this year with growth of 1.2%, but also the European authority of executive power has lowered its expectations for 2015 on four-tenths, according to which the growth in Spain will be by 1.7%. These growth figures, published as the forecasts for 2016, are rising to 2.2%, in accordance to the macroeconomic figures of EC, presented on Tuesday this week.
In general, Brussels predicts weak economic growth in the euro area as a whole and in the European Union (EU), FOR which predicts an increase in GDP of 0.8% and 1.3% in 2014. The European Commission, which published its macroeconomic projections for the twenty-eight member countries of the EU, also noted that in 2015 the growth of GDP in countries with a single currency the euro will be at 1.1% and 1.5%. For 2016, the forecasts of economists from the EU, are the increase of GDP by 1.7% in the euro area and by 2% for the EU.
The countries of the European Union can be noted that the French economy will grow only 0.3% this year and 0.7% next year, before its GDP will rise by 1.5% in 2016. Germany's GDP will increase by 1.3% in 2014, 1.1% in 2015 and 1.8% in 2016. In Italy is expected to decline by 0.4% this year, compared with growth of 0.6% of GDP in 2015 and 1.1% in 2016. In other peripheral EU economies, such as Portugal, GDP will grow by 0.9% in 2014, 1.3% in 2015 and 1.7% in 2016. Meanwhile, Greece's GDP will grow by 0.6% in 2014, 2.9% in 2015 and 3.7% in 2016.
In other countries of the EU, such as the United Kingdom, GDP will rise by 3.1% in 2014, 2.7% in 2015 and 2.5% in 2016.
About Spain, the European Commission stated that “the economic recovery is gaining momentum in the first half of 2014. While the modest slowdown is expected in the second half of the year, though the recovery will regain movement later with improved confidence, financial condition and prospects of the labor market”.