Spain | The recovery in activity and employment gathers momentum in 4Q14

The trend in observed variables suggests that the Spanish economic recovery is forging ahead at the end of 2014 . With around 50 % of the information available for 4 Q14 , the MICA - BBVA model forecasts a quarterly (QoQ) growth in GDP of between 0. 6 % and 0. 7 % which, if confirmed, would mean an acceleration in the rate of expa nsio n, which we did not expect at the beginning of the quarter ( BBVA Research: 0. 5% QoQ , the same as in 2 Q14 and 3 Q14 ) 1 . The improvement in activity may be coupled with more intense job creation , which is likely to give rise to stagnation or even a reduction in productivity.

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