IMF revises up Spain's 2014 growth forecast
George Mills · 22 Jan 2014, 10:01
Published: 22 Jan 2014 10:01 GMT+01:00
- Bailout chiefs urge Spain to push reform (17 Dec 13)
- IMF revises up Spanish growth forecast (09 Oct 13)
- 'Tough' cuts are paying off: Economy Minister (05 Sep 13)
The revised IMF figure is some way up from the 0.2 percent it had previously forecast for Spain in 2014, but remains below the Spanish Government's official prediction of 0.7 percent for this year.
The IMF also predicts Spain's growth rate will be lower than all the other major European economies except for Italy, also expected to experience 0.6 percent growth.
The IMF's figure for Spain does, however, outstrip the 0.5 percent forecast by Brussels in November.
Savings bank association FUNCAS, meanwhile is predicting 0.9 percent growth in 2014, while analysts JP Morgan have put this figure at 1 percent.
The euro area is turning the corner from recession to recovery," said the IMF in a statement on Tuesday.
"Growth is projected to strengthen to 1 percent in 2014 and 1.4 percent in 2015, but the recovery will be uneven."