Spain’s Central Bank raises Economic-growth View to 2.8%

Spain’s economy is expected to grow 2.8% this year, the country’s central bank said Thursday.

The Bank of Spain had said in December that it expected the economy to grow by 2%. The upward revision comes amid a decline in the price of oil and easy-money policies put in place by the European Central Bank, the Bank of Spain said.

It added it expects the economy to grow 2.7% next year.

Spain’s economy grew 1.4% in 2014, the first annual growth rate since 2008, the central bank said.

While sustained growth has been welcomed by consumers, businesses and lawmakers alike, Spain’s unemployment rate remains a concern.

The Bank of Spain estimates the unemployment rate will be 22.2% at the end of this year, a slight decline, and 20.5% in 2016.

Source: MarketWatch