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Financial Outlook

The economy emerged from recession in the third quarter of 2013 with quarterly growth of 0.1%. In January 2014 the central bank said that the recovery was gaining strength, estimating growth of 0.3% on a quarterly basis between October and December 2013. The government is forecasting growth of 0.7% in 2014. However, unemployment remains very high, at 26.03% as of the end of 2013. In December 2013 the ratings agency Moody’s raised its outlook for Spain’s economy from “negative” to “stable,” saying that there had been a real improvement in the economy and government finances. Spanish public debt rose to 93.4% of GDP in the first quarter of 2014, surpassing that of the Eurozone (92.6%) for the first time according to figures released by the European Union’s statistics office. Public debt stood at 79.1% the end of September 2012, having risen from 39.1% in mid-2007. Very low inflation, which stood at just 0.3% year on year in December 2013, is making debt reduction more difficult.

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Further reading on Spain

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