Editor’s note: These folks are paid to be optimistic
Facts on Spanish economy published by the Secretary of State for European Affairs (Ministry of Foreign Affairs and Cooperation, Spain).
Spain has emerged from recession and dispelled the risk of a bailout that hung over our country in 2012. In the third quarter of 2013, the Spanish economy began to grow again. In the third quarter of 2014, this growth has continued at a rate of 1.6%. The European Commission’s forecast for Spain indicates a growth rate of 1.2% for the current year, and of 1.7% for 2015
In the year 2012, public deficit was reduced by nothing less than two GDP percentage points, that is, in one single year and during a recession —one of the greatest fiscal consolidations seen in the Eurozone. When the year 2013 ended, Spain had a deficit of 6.33%, lower than our target figure. In the first eight months of 2014, public deficit has been cut by another 12.4%.
The balance of payments current account deficit, which reached 9.6% of GDP in 2008, had dropped to 0.9% by the first half of 2014, thus providing the world with the clearest indicator that Spain has cleaned up its trade situation.
Read more on Real Instituto Elcano.org: 23 Reasons for Optimism in Spain