07/15/2014 11:38

Spain’s economy is finally on the road torecovery after almost five years of a deep downturn – and everyone is talking about it! The economy has grown for three consecutive quarters, and in the first quarter of this year, it was at its fastest quarterly pace in six years. Top banks like BBVAand think tanks like Funcas are all upbeat about the outlook, forecasting an acceleration in growth through 2014 and 2015.

In the last three months, businessmen and economic gurus have improved their forecasts for 2014 and 2015 GDP growth by nearly half a percentage point, according to an economic study by consultancy firm PwC. The study corresponds to the second quarter of this year. Funcas recently raised its forecasts for economic growth to 1.4 per cent for 2014, up from 1.2 per cent, and to 2.2 per cent from 1.8 per cent for 2015.

The government has already updated its forecast for 2014 to growth of 1.2 per cent from a previousprojection of 0.7 per cent and last year’s contraction of 1.2 per cent. It is predicting 1.8 per cent growth next year and 2.3 per cent by 2016.