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Salgado Refuses To Revise 2011 Economy Growth Forecast

Tue 20th Sep 2011

Elena Salgado, Spain's Minister for the Economy, gave an interview with Antena 3 TV Station earlier today where she confirmed that the country's economy was growing. However, the rate of growth was too slow - expanding by just 0.2% in Q2 of 2011, hardly enough to make a difference to the already suffering economy and the 21% rate of unemployment.

The Governments target for growth for the whole of 2011 is 1.3%, way more ambitious that the 0.8% forecast by the Bank of Spain and the 0.9% estimated by BBVA.

However, the Minister ruled out the possibility of revising the 1.3% forecast : "We are not changing our growth targets because we are doing everything we can to grow the maximum possible," Salgado said.

She went on to defend the disappointing figures seen last quarter by saying how they were the same as the European average for that period.

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