Spain: momentum continued in 3Q14

Summary

The trend in the variables known at the date of closing this report indicates that the Spanish economy’s recovery continued during the third quarter of 2014. BBVA Research estimates quarterly GDP growth of around 0.5% which, if confirmed, will imply a marginal moderation to the expansion rate (0.6% QoQ in 2Q14). The improvement in activity continued, as did job creation which, on this occasion may have given rise to stagnation or even a small slide in productivity.

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