24123
Spain Growth on Track
World Economy

Spain Growth on Track

Spain’s economy will grow in the July to September period at a similar pace to previous quarters, boosted by a busy tourism season and consumer spending, the economy minister said in comments published on Sunday.
Spain has recovered from a deep recession and the economy is growing at one of the fastest rates in the eurozone, expanding by 0.95 quarter-on-quarter in the first three months of 2015, and by 1% in the second quarter, Reuters reported.
Minister Luis de Guindos was quoted as saying that growth would be “very similar” in the third quarter.
In an interview published on Efe’s website, he predicted Spain’s tax take would also keep growing, helping the turnaround. He said the government, which has brought in personal income tax cuts, would not be changing the 21% VAT rate it introduced for cultural goods and services, which the arts industry has denounced as too high.
Spain’s center-right government is banking on the economic turnaround to win back voters ahead of a general election due by year end. Polls show the ruling People’s Party risks losing its majority in parliament after corruption scandals and spending cuts.
Spain still has the second-highest unemployment rate in Europe after Greece, at 22.4%.
But jobs have started to return and household spending has recovered after family budgets fell sharply in recent years. Improving domestic demand as well as rising exports have fuelled growth since Spain emerged from recession in mid-2013.
Final gross domestic product data for the second quarter is due on Aug. 27.

Short URL : https://goo.gl/QsQKaB
  1. https://goo.gl/zhLRya
  • https://goo.gl/ChSjVP
  • https://goo.gl/c6xTrI

You can also read ...

China is likely to develop a major overcapacity in production of industrial robots. This will tend to result in building too many factories, and that in turn means price-dumping on global markets.
The Chinese government has adopted a 'Made in China 2025'...
The Trump administration has expressed interest in combating America’s trade deficit with individual countries like China and Mexico.
As the nation was reeling from the racially charged violence...
China mainland stocks enjoyed some of  the steepest gains.
Emerging stocks and some currencies ended the week on a sour...
Brazil Showing Signs of Recovery
Economic activity in Brazil expanded at a faster pace than...
Consumer confidence in Singapore has picked up.
Singapore residents were significantly more optimistic about...
Turkey Growth 3rd in G20
Turkey has occupied the third rank among the 20 major...
Goldman Sachs Loses $100m
A sour bet on the direction of natural gas prices contributed...
Fitch Upgrades Greece Debt
Credit rating agency Fitch on Friday upgraded Greece’s debt by...

Trending

Googleplus