Spanish Minister of Economy and Competitiveness Luis de Guindos estimated at a parliamentary hearing that Spain's Gross Domestic Product (GDP) may have recorded 0.3% growth in the fourth quarter of 2013, accelerating from the 0.1% growth in the third quarter, and leading macroeconomic indicators further suggest that the economic recovery may accelerate this year. In addition, the pace of improvement in Spain's employment situation is also faster than expected.
The local stock market hit a record high for the second consecutive day, with the IBEX 35 index reaching a high of 10,396 yesterday, a more than two-year high, and closing at 10,365, up another 0.7%.
All economic indicators have improved, particularly in the labor market and social security sectors. The actual number of social security contributors in the fourth quarter increased by 0.6%, while it was previously estimated that the number of contributors might decrease by 0.3 percentage points in the third quarter. The number of registered unemployed increased by 1.8% in the fourth quarter, but the number of employed people showed growth again. The report points out that Spain still needs to continue adjustments and reforms to restore the jobs lost during the crisis. Due to the slowdown in export growth in the third quarter, the driving force of exports has weakened, while the tourism industry shows optimistic growth, and spending by foreign tourists continues to increase.