Brussels forecasts years of pain for Spain
George Mills · 4 Nov 2014, 12:53
Published: 04 Nov 2014 12:53 GMT+01:00
- 80,000 Spaniards join jobless line in October (04 Nov 14)
- New car sales surge in Spain (03 Nov 14)
- Spain grows by 0.5 percent in third quarter (30 Oct 14)
- 'We will pay off debt': Spain’s 'indignant' party (20 Oct 14)
Spain saw its growth predictions trimmed as the European Commission warned of weak economic growth for the rest of 2014 in both the EU and the eurozone in its 2014 Autumn Economic forecast.
The country will now only grow by 1.2 percent in 2014, against the 1.3 percent rise forecast by the Spanish government.
Growth in 2015 will also be lower than originally forecast: Brussels now says this will be 1.7 percent in 2015, against the 2-percent figure touted by Madrid, and down three decimal points on earlier Commission forecasts.
However, the new European Commission growth forecast for Spain is higher than that for Germany — expected to see growth of 1.1 percent in 2015, France (0.7 percent) and Italy, where growth is expected to be 0.6 percent.
It is also higher than the 1.1 percent forecast set for the eurozone as a whole.