Spanish economy to grow 0.1 pct in Q3: BBVA bank

Email|Print|Comments       twitter     facebook     Sina Microblog     reddit    

The Spanish economy could grow by 0.1 percent between July and September, according to a report published on Tuesday by Spain's second largest bank, BBVA.

BBVA attributed this prediction to the existing data which they believe have showed a rise in activity that would lead to economic growth in the third quarter of the year.

The bank forecasted Spain's economy will grow by 0.9 percent in 2014, although the International Monetary Fund (IMF) recently predicted Spain's economy would not grow until 2015 and the Spanish government predicted a 0.5-percent grow for 2014.

Meanwhile, BBVA expected Spain to finish 2013 with a deficit of 6.5 percent of GDP, the deficit target required by the European Union (EU) for this year.

BBVA expected an unemployment rate of 26.2 percent in 2013 and 25.4 percent in 2014 and suggested more measures should be taken to boost employment in the country.

Last week, Spain's employment ministry reported the number of people out of work in the country had fallen by 64,866 in July to a total of 4,698,814.

The ministry said unemployment had fallen over the last five months, demonstrating the influence of the tourist season, so the number of people out of work in the country could rise again when the summer season ends and many temporary contracts finish.

• Spanish royal household cuts budget for 2013

We Recommend

• Air Forces arrive at designated area to join China-Russia drill
  
• Hospital comes to aid of tragic family of ‘Chinese Cabbage Dad’
• Czech artist performs bubble show at Hong Kong mall
• Italian Supreme Court confirms Berlusconi's jail verdict
• Run naked as punishment for missing sales target
• International Grand Bazzar in Urumchi,Xinjiang