Spanish economy to grow double the rate of Germany
There is no wonder what with all influx of foreigners buying property here in Spain again and the record numbers of tourists this summer that the Spanish economy is growing form strength to strength.
The BBVA research department has reported that Spain GDP will increase by 3.2% this year, which will be more than double of the 1.5% forecast for Germany, 1.3% for France and 0.7% for Italy, which means that Spain will be the largest in terms of economic growth out of all the other EU countries!
From this growth the research team at BBVA seem convinced that this growth will create more than one million jobs by this time next year.
A catalyst for this recent recovery has been the domestic growth and the changes to Spain´s current fiscal policies which have meant that the Spanish residents have slightly more money to spend and are less cautious as these past few years.
The projections for next year are already looking promising with Spanish economy expected to grow by 2.7% in comparison to the German economy at 1.9%, France 1.7% and 1.3% for Italy.
BBVA have confirmed that despite the crisis in Greece the economy has remained stable here due to the solid internal demand, petrol prices not rising, low inflation and along with the programme of the debt-purchasing which was implemented by the European Central Bank.