1Q14 Quarterly National Accounts

As advanced in the latest issue of the Spain Economic Outlook, the recovery of the Spanish economy is still settling. GDP growth in the first quarter (+0.4% QoQ) is consistent with the BBVA Research scenario wich includes a GDP growth around 1.1% for 2014 and 1.9% for 2015. The composition of growth contains few new elements, highlighting the upward correction of public consumption and an unexpected contraction in exports of goods. The recovery of activity came with the second increase in full-time equivalent employment since the beginning of the crisis

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