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Spain Forecasts GDP to Grow 2% in 2015

Sun 28th Sep 2014
Spain Forecasts GDP to Grow 2% in 2015

The Spanish government has forecast a 2% increase in GDP for next year, with unemployment rate falling to 22.9%, according to the draft budget approved by the Cabinet on Friday.

Mariano Rajoy's Partido Popular government predicts that unemployment will increase from 24.4% to 24.7% before the end of the year, only to fall back to 22.9% in 2015.

The budget assumes the creation of an additional 622,400 jobs, bringing the number of employed persons to 17.76 million by the end of 2015.

Economy Minister Luis de Guindos said the scenario is based on stepped up job creation, improving expectations of both consumers and businesses and moderation in prices and wages.

Furthermore, Finance Minister Cristobal Montoro announced that the rate of replacement of departing public employees in agencies and departments that provide essential services - education, health, security forces - will rise from 10% to 50% by the end of next year.

He called attention to the fact that Spain ended 2013 with a deficit equivalent to 6.33% of GDP, just within the 6.5% target range agreed with the EU.

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