Spain economic outlook. First quarter 2015

Summary

GDP growth forecasts have been revised to the upside for 2015 and 2016 to 2.7%. Economic activity and job creation in Spain have both accelerated more than anticipated three months ago. Underpinning this improved momentum is the strength of domestic demand, a relatively positive performance from goods exports, a more ambitious expansionary monetary policy than expected and falling oil prices. Nevertheless, this scenario is not free of risk: some of the structural imbalances persist, uncertainty in financial markets has recently increased and Europe faces an intense election calendar.

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