The economy grew by 14 in 2014 first major rally in six years
The Spanish economy recorded a growth of 1.4% in 2014, his first rebound after six years without significant growth, according to the National Statistics Institute (INE) has confirmed this today. The last quarter of the financial year closed with a 0.7% advance, two tenths more than in the previous three months, thanks to the consumption and investment.
The interannual rate stood at 2% in the fourth quarter of 2014, four tenth more than in the previous quarter, thanks to higher domestic demand and external demand curtailed its negative contribution to GDP. Accelerates so the path of recovery that started in the second half of 2013.
Growth of 1.4% confirmed this Thursday by the INE matches expected by the Bank of Spain and with the expected by the Government, even though its official forecast was to grow 1.3 per cent (the Executive expected a growth of 2.7% for 2015).
The Spanish economy thus returned to positive ground after shrinking by 1.2% in 2013, 2,1% in 2012 and 0.6% in 2011. In 2010 GDP barely registered a growth of 0,0138%, while in 2009 fell by 3.6%, according to the new series of National accounts based on 2010.
With quarterly GDP to pick up from October to December of 2014 are already strung six quarters of progress, while the annual rate (2% in the fourth quarter) accumulates five quarters in positive.
INE has detailed that the acceleration in the interannual variation of the economy is the result of a greater contribution of domestic demand (2.7 points compared to 2.6 points in the previous quarter) and a smaller negative contribution of the external demand (- 0.7 points versus – 1).
Household consumption showed in the fourth quarter of the year a quarterly growth of 0.9%, at a tenth higher than the previous quarter (0.8%) and already contains seven consecutive quarters positive.
Investment increased 1.4% from the previous quarter, while the exports stagnated, facing the growth of 3.9% in the previous quarter, and imports fell by 0.6%, in contrast to the rise of the 5% who underwent in the previous quarter.