Spain´s recovery continues



The estimated Eurozone GDP figures for 2016, show that the Spanish economy continues to recover from the disastrous crash.

Indeed, Spain, along with Germany, is leading the Eurozone´s moderate rise from the doldrums.

The estimated Spanish GDP increase for 2016 is 3.3%. This follows the 2015 increase of 3.2%.

The two principle reasons for the positive figures are the labour reforms introduced by Mariano Rajoy´s government and the fact that the Spanish tourist industry has benefitted enormously from the security concerns that have affected traditional rival tourist destinations.

The one area of concern it that many of the new jobs created throughout 2016, are temporary positions and may not reflect the true picture or lead to continued reductions in unemployment.

However, the signs are generally positive.

The driving force behind Eurozone growth continues to be Germany. Their economy has benefited from a series of tax cuts and alterations to benefits.

Germany boasts low unemployment which is reflected in a strong labour market.

The European Commission´s Autumn forecast statement has reflected the general opinion of moderate economic growth in the Eurozone.

The expected increase on 2017 is forecast to be 1.5% and 1.7% in 2018.