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August 1, 2014

The Government has improved its GDP growth forecasts

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The Government has improved its GDP growth forecasts

The Spanish Government considers that the growth of the national GDP in 2014 will be 1.5% and 2% in 2015, as indicates the new official report of the Ministry of Economy of the country. The Economy Minister, Luis de Guindos, who defended in front of Congress a positive effect on the economy of financial assistance from the European Union, said that the government also expects a further reduction in the level of unemployment in the country.

The Spanish government is satisfied that recovery of the Spanish economy strengthened, after four consecutive quarters of growth, registered every time inclusive with more rapid pace. And this fact will reflect the cabinet in the preparation of the next macroeconomic framework of the country, which will be published in September this year, and on the basis of which will be developed by the state budget for the next fiscal year. In such a scenario, the Executive authority of the country has revised its forecasts to pick them up, predicting that gross domestic product (GDP) will grow by 1.5% at the end of this year and 2% in 2015, announced this week by Minister of Economy, Luis de Guindos.

“We have made the most important thing: go out of the recession and the steady growth of the economy,” said Minister of Economy during his speech in front of the Commission of Economy Congress of Deputies of Spain. “We have strengthened the recovery and the economy moves with upward trajectory,” he said also.

Until now, the forecast of the executive authority of the government of Spain was quite modest and pointed to growth of 1.2% in the last twelve months and by 1.8% in 2015. After that increases in government forecasts, they will be agree with the predictions of analysts, who on all sides indicate that the recovery of the Spanish economy is becoming stronger. In addition, Luis de Guindos include in its macroeconomic framework the lower unemployment rate thanks to the apparent improvement in the labor market in Spain.

“All indicators point in the same direction: the economic recovery continues,” insists in his report Luis de Guindos, who also pointed out that in any case, the Spanish government will remain vigilant in the coming months and will continue its program of reforms.

 

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