The spanish economy will fall by 13 in 2012
As regards the labour market, the Bank estimated that the unemployment rate will scale up to 24.4% in 2012 and will recover to 24.6% in 2013, despite the slight GDP growth which provides for BBVA for next year.
On the evolution of the deficit, indicates that this year will close at 5.3%, almost a point above the forecast of the Government (4.4%), but expected that in 2013 it meets the official estimate and closing at 3% of GDP. The public debt, for its part, will be 74.4% 72.5% of GDP this year and next.
BBVA believes that the fiscal adjustment measures taken by the Government are “credible”, both on the side of revenues increased by spending cuts.