The Spanish economy grows at cruising speed, with 3.2% in 2015 – Yahoo Finance Spain

The Spanish economy grew 3.2% in 2015, one of the best performers in the euro area, which strengthens the country’s recovery after a deep crisis whose consequences are still latent in much of the population.

In the fourth quarter, the Gross Domestic Product (GDP) grew by 0.8% over the previous quarter, said Friday the National Institute Statistics (INE), in a first provisional estimate. These figures make the Spanish economy at a level very close to that recorded at the start of the crisis in 2008.

“It is a positive development which places the Spanish economy led growth in the euro zone within large economies, “he told AFP Rafael Pampillón, an economist at the IE Business School Madrid Business School. Germany, the leading economic power in the euro zone grew 1.7% in 2015 and France stood at 1.1%.

So far, the government forecasts the PP are met. President Mariano Rajoy promised to accelerate the economic recovery that began in 2014, with growth of 1.4% of GDP, and this reversed in job creation.

“This is the change that has occurred in Spain, “concluded Rajoy, who came to power in December 2011, with the country immersed in a serious recession

So far, the two subjects were approved. consolidated growth and the labor market nourished in 2015 with 452,000 new workers in the private sector and 73,100 in the public, raising over one million the number of jobs created in two years.

But the unemployment rate, despite losing almost three points , remains very high at 20.9% of the working population and is the most obvious scar of deep crisis experienced between 2008 and 2013, which triggered the social inequality in the country.

Will to wait for the publication of the final figures of GDP by the end of February to whether Spain regained its pre-crisis level. In 2008, it was 1.11 billion euros, against 1.05 billion in 2014.

According to the Bank of Spain, the economy benefited from the “dynamism” of domestic consumption, both companies homes. In 2014, the Spaniards returned to spend, to buy vehicles and consumer goods. The companies responded with increased investment to meet that demand.

Another pillar of this recovery is the tourism sector, which represents 14% of GDP and visitors breaks records year after year. Spain, the third largest destination after France and the US, last year attracted 68.1 million foreign tourists

-. Politics unknown –

The fourth eurozone economy should maintain this momentum in 2016, according to forecasts of the Bank of Spain. But growth should slow to 2.8%, according to this institution, and economists warn that the winds could blow less strongly to Spain.

Currently, the country benefits from the low interest rates brought about by the policies of the European Central Bank, the depreciation of the euro against the dollar, which boosts exports and the collapse of fuel prices because 70% of its energy is imported.

But in 2016, the international context looks less favorable and the International Monetary Fund even feared derailment of the global economy because of the slowdown in China and the negative trend in emerging economies.

“The Spanish economy depends mainly on developments in the euro area” and its main trading partners, such as France and Germany, remembers Josep Comajuncosa, school teacher Esade business. In addition, suffering from a fall in prices of almost continuous use since the summer of 2014.

The political situation in Spain is another unknown. The country is still without a new government after the general elections last December that left a very fragmented and without clear majorities Congress.

The four main parties, the PP, the PSOE, we leftist and liberal Citizens fail to close any agreement. Uncertainty grows and the main banks, Santander and BBVA (Amsterdam: BA6.AS – news), warned this week that are crippling investments (Other OTC: UBGXF – news).