Spanish GDP beat expectations
Spanish growth in Q2 turned out to be higher than the Bank of Spain has expected: the nation’s GDP increased by 0.6% q/q versus the anticipated growth of 0.5%. At the same time, Spanish consumer prices fell by 0.3% y/y, while the economists expected an increase.
Economy Minister Luis de Guindos yesterday said that Spain raised economic growth forecasts from 1.25% to 1.3% for 2014 and from 1.75% to 2% for 2015. That will push unemployment lower than the 24.9% rate initially predicted for 2014.