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May 20, 2015

The growth of the Spanish economy is confirmed

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The Minister of Economy and Competitiveness of Spain, Luis de Guindos, has he stressed on Monday that the Spanish economy is growing at a rate of 3.5% in the first half of the year, and does it in a more "balanced" way, i.e., with a smaller deficit, less indebtedness of the private sector and improving competitiveness and exports.

Speaking at the official breakfast, organized by Europa Press, the Minister said that Spain in quarterly terms grew by 0.9% in the first quarter and added that preliminary figures for the second quarter indicate that GDP growth “at least”  will be the same, meaning that, in annual terms, the Spanish economy will grow by 3.5% in the first half of 2015. De Guindos also noted that, as expected, the stability program of the government will reduce the tax pressure in Spain. A few days ago, the Prime Minister, Mariano Rajoy, announced during his official intervention, that it can be reduced the VAT next year.

"All leading indicators point to a recovery and acceleration of economic activity in Spain," said Minister Luis de Guindos, and further growth is more balanced, because, besides the domestic demand, the economic growth in Spain also is supported by the external sector. If this growth continues, the Spanish economy could close this year 2015 with growth of around 3.6%, as calculated by the Minister of Economy, who explained that the official forecasts of the executive in this year will be enough "prudent". According to the stability program prepared by the Spanish government, the Spanish economy expected to grow this year by 2.9% and create 600,000 new jobs, which is a "prudent" forecast, according to Minister of Economy. He also believes that "deep scars" left by the economic crisis in Spain, currently "are healing."

With regard to the current economic situation in Spain, the de Guindos stressed that the change that has registered the Spanish economy was clearly visible in the economic indicators that are "impressive", but that is not yet reflected in the real economy, which should be changed, to become finally the positive and remarkable growth. For the Minister, Spain has left behind the recession, but the crisis, adding that the "scars" of the situation are "very deep", but have already begun their healing. In his speech, de Guindos also referred to the collective bargaining agreement, reached by the social partners, which will provide a salary increase of 1% in 2015, and said that they were "reasonable limits", but should be considered specific situation in each of the companies. De Guindos also referred to the overall improvement of the situation in Europe and said that in recent years Europe "has never been at risk of deflation."


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