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August 13, 2015

The growth of the Spanish economy continues

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The growth of the Spanish economy continues

Spain's GDP is growing faster, exactly by 1% in the second quarter of 2015 due to increased domestic consumption. This figure means that the Spanish economy has been growing for eight consecutive quarters without interruption. The executive body of the country believes that the Spanish economy will grow by 3.3% this year and by 3% in 2016, and the forecast of the Bank of Spain is 3.1% for 2015.

The Spanish economy in April-June this year increased by 1% quarterly, one tenth more than in the first quarter, according to preliminary estimates of Gross Domestic Product (GDP), published by the Spanish National Statistics Institute (INE). These data should be confirmed on August 27, when the quarterly national accounts will be published, but it can be said already that the Spanish economy has been growing for eight consecutive quarters without interruption. The quarterly growth rate of 1% is in line with expectations the Bank of Spain and also emphasizes the positive dynamics of domestic demand and job creation.

The National Institute of Statistics of Spain also noted that the annual growth of Spanish GDP in the second quarter was by 3.1% compared with 2.7% in the first quarter of 2015. The annual rate of economic growth is a marked increase since the beginning of the crisis, since in the first quarter of 2008 the annual GDP growth was by 3%.

The Spanish GDP began to grow in the period from July to September 2013, when it increased by one tenth, and therefore, it marked a turning point, continuing its positive development in the next two quarters with growth of 0.3%. During the last three quarters of 2014, the Spanish economy accelerated its growth and rose by 0.5% and by the end of last year and the growth was of 0.7%. From January to March 2015 growth increased to 0.9%, and in April-June 2015, even accelerated to 1%. The forecasts of the executive body of the Spanish Government is that the economy will grow by 3.3% this year and by 3% by the end of 2016, while the forecast of the Bank of Spain is 3.1% in 2015 and 2.7 % for next year. The Minister of Economy and Competitiveness of Spain, Luis de Guindos, stressed on Thursday that the Spanish economy is growing at "very high" rate which is close to 4% on an annualized basis, and this happens combined with the "nonexistent" inflation and "positive" evolution of domestic consumption, exports and employment.

 

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