The Minister of Economy and Competitiveness, Luis de Guindos, said yesterday during the acts to celebrate the 25th anniversary of the consultancy AT Kearney in Spain that "the recovery of the Spanish economy is ongoing," after correcting the imbalances accumulated during economic expansion. Economic growth is accelerating towards annual rates "close to 1.5%", he explained. In his view, this improvement is because Spain is today a competitive economy and the fact that doubts about the future of the euro have been completely dispelled, a process which implementation of the Banking Union has been instrumental.
De Guindos stressed that there has been an accumulation of four quarters of growth and this will be the first year that the GDP will record a positive annual rate since the crisis began. According to early indicators and the estimates of the Ministry of Economy, the growth rate in the second quarter will be higher than in the first. He noted that this improvement is due to a recovery in domestic demand, both household consumption and investment in equipment, and to the increased availability of new credit. As for the labour market, he stressed that the economy is already generating net employment and, thanks to the structural reforms, Spain is achieving this with lower growth rates than in the past.
Despite these improvements, he said that "there are significant challenges ahead." He noted that "it is important to continue with fiscal consolidation". He also stressed that the Government is continuing to work on reforms such as tax reform, which aims to "establish incentives for medium and long term growth of the economy"; incentives related to savings, work and investment. He concluded that "Spain is a great country, with the ability to innovate and compete overseas, therefore it has a promising future."
Source: mineco.gob.es; 2014-08-29
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