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Latino Daily News

Tuesday July 29, 2014

Spain’s Economy Expected to Grow 1.5 Percent This Year

The government expects Spain’s economy to grow 1.5 percent this year and 2 percent in 2015, Economy and Competitiveness Minister Luis de Guindos said Tuesday.

Prime Minister Mariano Rajoy’s government plans to revise its macroeconomic forecast upward in September, De Guindos told Parliament.

Economic indicators show that the economy is recovering and consumer spending is strong, the economy and competitiveness minister said.

The unemployment forecast is expected to be revised downward from the government’s current projections of a 24.9 percent unemployment rate for this year and a 23.3 percent jobless rate for 2015, De Guindos said.

Spain’s economy has shifted into a sustained growth cycle after five years of recession, the minister told lawmakers.

The Spanish economy is now much more flexible, dynamic and competitive, De Guindos said.

“The worst of the crisis is now in the past,” De Guindos said, adding that the current “challenge” was bolstering the economic recovery and achieving growth rates that will help Spain make up lost ground in incomes and job creation.

Consumer spending, which has grown for four straight quarters, a performance last seen in 2007, has recovered at a “surprising” rate since January, De Guindos said.

Nearly all of Spain’s economic indicators are back to pre-crisis levels, with investment in equipment helping spur economic growth, the economy and competitiveness minister said.

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