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Spain: Preliminary data show economy records largest expansion in over 7 years in Q4 2014

January 30, 2015

GDP expanded a seasonally-adjusted 0.7% in Q4 2014 over the previous quarter according to preliminary data released by the National Statistics Office (INE) on 30 January. The expansion was above Q3’s 0.5% rise and the 0.6% estimate reported in the Bank of Spain’s Quarterly Report from 18 December. In addition, Q4’s print marked the largest expansion since Q4 2007.

On an annual basis, GDP expanded 1.4% in Q4, which represented an improvement over the 1.6% increase recorded in the previous quarter and marked the largest expansion since Q2 2008. The National Statistics Office (INE) will release more detailed data on 26 February.

In the full year 2014, GDP expanded 2.0%, which contrasted 2013’s 1.2% contraction. The result marked the first year of growth since 2008.

Both the Central Bank and the government expect the economy to grow 2.0% in 2015. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.9% in 2015, which is up 0.1 percentage points from last month’s forecast. In 2016, panelists expect the economy to expand 2.0%.


Author: Angela Bouzanis, Senior Economist

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Spain GDP Chart


Spain GDP Q4 2014 0

Note: Quarter-on-quarter changes of seasonally-adjusted GDP and year-on-year variation in %
Source: Statistical Institute (INE) and FocusEconomics calculations.


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