A change in methodology has resulted in Spain’s GDP for 2013 rise by over €26 billion, with €9 billion being as a result of the inclusion of a contribution from illicit activities such as prostitution, drug trafficking and smuggling.
Public debt tops one trillion euros for the first time
In the period up until June 2014, Government debt has risen above one trillion euros for the first time and now stands at 98.4% of GDP.
Unemployment predicted to rise in Andalucia
Economic Analysts Andalucia, a Unicaja research company, is forecasting a fall in GDP in Andalucia this year of 1.6% with a decrease in activity in all sectors. The situation is expected to be particularly acute in Huelva and Jaén.
Spending and investment continue to decline
Consumer spending and investment continues to decline, the Spanish economy shrinking by 0.7% in the first quarter, 1.7% in the second quarter and by 0.3% in the third quarter based upon the interannual rate, with GDP falling to its current rate of 1.6%.
Unemployment forecast to increase in Andalucia in 2013
Unemployment in Andalucia has averaged 34.1% during 2012 but forecasts from the Unicaja Group suggest that this is likely to rise to 35.5% during 2013, well above the national level of 25%. Unicaja Group also contends that the continuing fall in GDP means that the current regional government has little chance of creating employment.
Andalucian economy expected to shrink further
The Andalucian economy is expected to contract by 2.5% during 2012 with unemployment rising to 33.5% according to the Economic Analysts of Andalucia, the second biggest drop in GDP since the financial crisis began.
Regional debt
Andalucia’s debt grew by 18% during the second quarter of 2011 and now stands at €13.545 million according to the Bank of Spain.
EU forecast shows Spanish deficit reduction for 2011 will be off-target
Forecasts released today by the European commission indicate that Spain will not be able to achieve the objective of reducing its public deficit to 6% of GDP by 2011 because the growth rate for next year will be significantly less than the government had predicted, expected or hoped for.