Promising forecast for Spain as economic recovery defies politics

Silver lining on the Madrid skyline

DESPITE political uncertainty, the lingering financial fallout from Brexit and recently being let off the hook by an angry Brussels over its growing budget deficit, the acting Spanish government released an optimistic economic forecast on Friday July 29.

Outlining its predictions for the next fiscal year, the government actually revised the growth forecast upwards from 2.7 per cent to 2.9 per cent, although the 2017 growth estimate was reduced to 2.3 per cent from 2.4 per cent previously.

Although still mired in deep political turmoil, facing the prospect of an unprecedented third general election and an increasingly antagonistic relationship with the pro-independence Catalan parliament, Spain has fared remarkably well on the economic front since emerging from the recession in late 2013.

While still unfeasibly high, the country’s unemployment rate fell to 20 per cent in the second quarter of 2016, the lowest level it has reached in six years, while the gross domestic product has continued to expand throughout the course of the year.

Analysts now consider Spain to be one of the fastest growing economies in the Eurozone, outstripping even Germany, and poised to continue its good economic form well into the foreseeable future.

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