Economy in Spain built momentum in the second quarter of this year, translating into the best quarterly growth rate since 2014
As shown by the official figures, the fourth largest economy in Europe has registered a 0.9 per cent increase of the GDP, accounting for a 0.1 per cent increase since the beginning of the year.
The increase is attributed to the Spanish centre-right government implementing a series of positive measures, such as: cutting wages and budget deficit, intensifying exports and lowering unemployment, a consistent problem throughout the country.
Moreover, year on year economic rise also went up by 0.1 per cent, rendering Spain’s 11th consecutive quarter of growth.
IHS Markit economist Raj Badiani explains:
“The better-than-expected performance in the first half of 2017 appears to be underpinned by continued strong employment growth, while exports continue to surprise on the upside in line with better demand conditions across key markets in the eurozone and a more competitive currency.”
Plus, the budgetary deficit is expected to diminish from 3.1 per cent during 2017 to under 3.0 per cent during the year to come, in accordance with the budgetary regulations imposed by Brussels.
According to experts, the Spanish economy is “firing on all cylinders”, as current GDP suggests the country overcame the pre-crisis level. With the creation of new jobs in process, the country will be empowered to also boost demand for goods and services of all kind, therefore the economic growth rate is expected to continue its ascension during the next quarters.
Similarly, the economy in the UK has also expanded by 0.3 per cent, while in France it registered a 0.5 per cent increase.