The Spanish economy will grow 2.7% this year
The Spanish economy will grow 2.7% both this year and in the next as a result of the drop in the price of oil and the monetary policy of the European Central Bank (ECB), according to forecasts announced today by the Research Department of BBVA, seven-tenths raises its previous estimate.
BBVA Research estimates exceed even the announced last week by the European Commission which predicted an advance of 2.3% this year in the gross domestic product (GDP) of our country, and 2.6% in 2016, and are much more optimistic than the IMF spoke of 2% for the current period.
The latest report of the Bank, “situation Spain”, presented on Wednesday, also explains that this increased activity will allow to create a million jobs in two years and reduce the unemployment rate to 22.5% this year and to 20.9% in 2016.
BBVA Research has revised seven-tenths upward their forecasts 2015 after finding that the GDP grew 1.4% in 2014, one tenth more than anticipated, and estimate that growth in the first quarter could be between 0.8% and 0.9%.
The improvement of the activity and employment, as well as the stimulus measures adopted by the European Central Bank (ECB) may have an effect on the granting of credit, according to the report.
However, warns that there is now greater uncertainty in the markets due to the monetary policy decisions in some developed areas and geopolitical events.