Spanish bank predicts modest economic recovery in Spain

08:22, February 10, 2011      

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Spain will experience slow economic growth this year but the pace should pick up in 2012, a major Spanish bank said Wednesday.

The Spanish economy would expand by 0.9 percent this year and grow by 1.9 percent in 2012, according to a forecast by Banco Bilbao Vizcaya Argentaria (BBVA), Spain's second largest bank.

The forecast is more optimistic than the bank's previous predictions, but still lower than the 1.3 percent predicted by the government for this year.

The International Monetary Fund said last month that it expected Spain's gross national product (GNP) to rise by 0.6 percent in 2011.

BBVA expected the economic recovery would have a positive effect on Spain's 4.2 million jobless people and the country's unemployment rate would drop to 20.6 percent this year and 20.1 percent by the end of 2012.

The bank believed the government would succeed with its policy of fiscal consolidation, bringing the country's fiscal deficit to 6 percent this year and to 4.5 percent next year.

Source: Xinhua
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