Economy minister Luis de Guindos is optimistic. :: EFE
Spain’s PIB (‘producto interior bruto’ or gross domestic product) is set to grow by an average of 1.5 per cent this year and the next, according to the minister of the economy Luis de Guindos.
With this in mind the government is planning to revise the stability programme review that it is sending to Brussels in the coming weeks. De Guindos confirmed that he is going to raise the GDP growth forecast and the job creation figures which are to be approved in the ministers’ meeting to be held on Wednesday April 30th.
The previous forecast for GDP growth was 0.7 per cent this year although only a few days ago the prime minister Mariano Rajoy predicted that it would rise to one per cent. This would mean that in the year to come GDP will increase by two per cent instead of the 1.5 announced by De Guindos in a breakfast meeting organised by the APIE (‘asociación de periodistas de información económica’ or finance journalists’ association) on Wednesday.
However there are variants in the figures given by different official bodies. The Bank of Spain predicts a growth in GDP this year of 1.2 per cent and 1.7 per cent next year. The market consensus, meanwhile, is for growth of 1.2 per cent this year but 1.8 per cent in 2015.
For the moment there are indications that the first three months of 2014 saw a “continuing recovery” said the economy minister. In his opinion, “more than the figures, what is especially relevant and important is the change in the direction of the economy, which during the crisis only saw positive growth in 2011 and also the change in expectation and in confidence.”