The Bank of Spain yesterday endorsed a positive light on the progress of the economy, confirming the expansion of Gross Domestic Product (GDP) in the first quarter of 2015 by the improved consumption and revised upwards its growth forecast for the year.
“According to the information available, it is estimated that GDP would have grown in the period January-March to a quarterly rate of 0.8 percent, which would put its rate of change at 2.5 percent, “the institution said in its quarterly report.
The expanded program of asset purchases of European Central Bank (ECB), the depreciation of the euro and the fall in oil prices encouraged consumption and positively impact the rest of the European economies, he said.
Considering these factors, the Bank of Spain increased by eight tenths its growth forecast for the year to 2.8 percent. At the same time,
expects an average annual rate of 2.7 percent in
2016, with slightly upward risks.
In terms of pricing, the institution considers that in account the sharp decline in oil prices, inflation could fall by 0.2 percent on average in 2015 and recorded an increase slightly over one percent in 2016.
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