Laurence Dollimore
SPAIN’S economy has surpassed its pre-crash peak after it grew 0.9% in the second quarter of 2017.
Its figures were among the strongest of a batch of European economic data released today.
It comes after the country was bailed out in 2012 by the EU at the height of Europe’s debt crisis.
Sweden’s statistics office suggested the country’s economy grew by a faster-than-expected rate of 1.7% in the April-to-June period.
France’s economy grew by 0.5% in the second quarter of the year, the same rate as in the previous three months, helped by higher exports, notably the sale of a €700m ocean liner, the Meraviglia.
Confidence levels in France have also been boosted by the recent election of President Emmanuel Macron, although that has begun to fade a little.
Meanwhile, the UK only grew by 0.3%.
Spain’s exports have been growing and unemployment falling in recent months.
The unemployment rate has dropped from 25%, during its worst times, to 17.2%.
Raj Badiani, economist at IHS Markit, said: “We believe consumer spending growth appeared to regain some momentum in the second quarter, continuing to ride on the back of strong employment creation and a comfortable financial climate.”
The Spanish government has raised its forecasts for economic growth this year and now expects the economy to grow by at least 3% in 2017.
.
Growing yes, but from a low base. Unemployment at 17%. How much higher is Spains unemployment rate than the UK’s? You are cherry picking facts to prove your own points…
Things aint rosy in Spain.
Green, it would be interesting to see the unemployment rate in the 3rd and 4th qrt after the holiday season. It’s a known fact that in Spain employment increases during the months stated in the article.
Lets give another take/example.
AMERICA has a population of 350ml. Unemployment rate 4.3%. FRANCE has a population of 67ml. Unemployment rate 9.5%. BRITAIN has a population of 65ml. Unemployment rate 4.5%. SPAIN has a population of 46.5ml. Unemployment rate 17.8% ITALY has a population of 60ml, Unemployment rate 11.5%.
So basically Spain is not doing so well, in-fact a borderline case of asking another bail out. It has also been stated that it would take at least 50 years for Spain to break even (that’s if the EU still exist). No wonder why people are fighting to get to the UK for a job.
http://www.express.co.uk/news/world/834192/Brexit-news-EU-citizens-dual-citizenship-migrants-passport-stay-leave-Britain.
In the article they also missed out Spain, wonder why?.