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February 20, 2015

The Spanish government will revise its forecast for GDP growth

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The Minister of Industry, Energy and Tourism of Spain, José Manuel Soria, said at the official press conference this week that the revision of economic growth of 2% this year will be revised in April 2015 by the government and will be increased to 2.4% or even to 2.5%.

"We must consider (in the revision of the forecast) the effect of oil prices, the impact of the measures announced by the president of the European Central Bank and the depreciation of the euro against the dollar. Therefore, a new assessment will be about 2.4% or 2.5% of GDP growth in Spain in 2015," – said the minister.

Soria also explained that along with the growth in four or five tenths higher than originally projected employment rate will also increase further over 600,000 new jobs will be created, so that between 2014 and 2015 in Spain in total will have created more than one million new jobs.

However, the minister Soria stressed that the problem of unemployment will remain "drama" and "tragedy of the country" always until there are 4.5 million unemployed in Spain. In any case, he added that the Government has taken necessary measures to reverse the trend of job losses in the country in recent years, and therefore, in 2014 managed to create over 400,000 new jobs.

The words of his colleague confirms the Minister of Economy and Competitiveness of Spain, Luis de Guindos, who also said the government will reconsider to elevate its growth forecast of Spain’s GDP and is expected to create 800,000 new jobs between 2014 and 2015 because, according to him, the Spanish economy will experience a "very favorable" economic situation due to the moderation in prices and reduction of financial costs and energy prices.

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