BBVA bank experts have assured that the data for the third quarter of this year indicate the possible start of recovery of the Spanish economy and its growth of 0.1%. In their opinion in spite of the slow pace of growth, improvement in economic activity is becoming a trend.
In its report for the period from July to September, the bank’s research department notes that, in line with expectations, the Spanish economy will bottom out in 2013, when the rate of decline of GDP would be 1.4%. A moderate recovery is expected in 2014, with an increase of 0.9%.
Bank forecasts for 2014 slightly more pessimistic than the government ones, but include economic growth, 0.4% higher than the data authorities. From the point of view of analysts BBVA, increased investment will lead to a sustained recovery in jobs that will become prominent in the first quarter of 2014.
Analysts believe that the level of exports in the next trimester will grow. This dynamic has led to the promotion of some segments of the domestic demand, particularly investment in equipment. In addition, cost reductions undertaken during the crisis, as well as a greater degree of flexibility, which is produced by the Spanish company, make it possible to export growth rates which are at historically high levels relative to GDP.