The head of the Spanish government on Monday again raised to 2.9% growth forecast of gross domestic product (GDP) by 2015, compared with 2.4% forecast earlier this year, after a 1.4 % in 2014.
“This year 2015 the economic growth will be 2.9% of GDP for next forecast will be of the same tenor year,” said Rajoy in an informative breakfast, ensuring that Spain “will be the economy of the euro’s growing among large”.
“That forecast growth assumes that this year will create more than half a million jobs,” he added, stressing, in the year election, that “these assumptions hold” his government “will maintain the reform momentum.”
The Bank of Spain had already raised in late March its own growth forecast for 2015 to 2.8%, but showed slightly more pessimistic in 2016 predicting a 2.7% because “some factors currently stimulate” the economy, such as the reduction of oil prices and the fall of the euro, should be mitigated, the regulator said.
After five years of recession or stagnation caused by the bursting of the housing bubble violent in 2008, Spain returned to the growth path in 2014 with an increase of 1.4% of GDP.
Driven by household consumption, which exploit the best financing terms offered by banks supported by the program of asset purchases by the European Central Bank (ECB), growth has a beneficial effect on the employment.
The country continues to suffer, however a very high unemployment rate of 23.78% in the first quarter of 2015.
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