TNBiz (TNBiz)
Macroeconomics  |  July 20, 2012 17:35:11

The Spanish government has improved its forecast of the economy, that this year will fall by 1.5 percent (July 20, 2012)


MADRID (MEDIAFAX) - The Spanish government has improved according to Finance Minister Cristobal Montoro its forecast for the development of its economy this year to decline by 1.5 percent instead of the previously estimated decrease of 1.7 percent. Informed about it on Friday, AFP and Reuters.

The next year, then the Spanish gross domestic product (GDP) fall under the new forecast of 0.5 percent and in 2014 the economy should return to growth again.

"The government expects the economy will grow by 1.2 in 2014 and 1.9 percent in 2015," said Montoro further at a press conference after the cabinet meeting.

Unemployment is predicted by the Spanish Government to take 24.6 percent this year and next year should be reduced slightly to 24.3 percent.

"In 2014, the unemployment rate should fall to 23.3 percent," said Montoro.

Limit government spending for 2013 to be 127 billion euros compared with 119 billion euros set for this year's budget.

The Spanish economy is in deep recession and local unemployment is the highest across the EU, if it exceeds 24 percent.

Eurozone finance ministers recently agreed to give Spain to reduce the deficit of public finances to the limit of three percent of gross domestic product (GDP) on an extra year, until 2014. This year Madrid will be able to have a deficit of 6.3 percent and 4.5 percent next year. In exchange for these concessions, but will have to take further austerity measures.

Tomáš Králíček, kralicek@mediafax.cz

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Španělská vláda zlepšila svou prognózu vývoje ekonomiky, ta letos klesne o 1,5 procenta (20.7.2012)

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