According to comprehensive reports from Worldway: Contrary to most expectations, Spain has become a leader in the European economy.
In its recently published World Economic Outlook report, the International Monetary Fund (IMF) predicts a positive outlook for Spain's economic recovery, forecasting that Spain's economic growth rate will lead major European economies in 2015. The IMF expects Spain's GDP to grow by 1.3% this year and reach 1.7% next year, both figures representing a 0.1 percentage point increase over previous forecasts. The report also points out that over the next two years, Spain and Germany will have the strongest growth momentum among major European economies, with Spain's 2015 growth rate expected to exceed Germany's by 0.2 percentage points.
As a leader in the European economy, Germany's economic situation has been subject to much debate. Data shows that Germany's preliminary seasonally adjusted GDP for the second quarter contracted by 0.2% quarter-on-quarter, with a year-on-year growth rate of only 0.8%. In stark contrast, Spain's economy grew by 0.6% quarter-on-quarter in the second quarter, with a year-on-year growth rate reaching 1.2%. The IMF believes that Spain's economy has returned to growth, supported by rising external demand and higher domestic demand, the latter reflecting improved financing conditions and increased confidence in Spain.
As Spain's economy shows signs of recovery, a group of international investors such as Paulson and Blackstone have entered the Spanish market to seek investment opportunities. Domestic companies have also set their sights on Spain; for instance, the Wanda Group previously spent 265 million euros to acquire a landmark building in Madrid. Previously, the Spanish credit bank Catalunya Banc issued a public statement announcing the sale of mortgage loan assets to the Blackstone Group for 3.6 billion euros. Upon completing these acquisitions, the Blackstone Group will expand its business scale in the Spanish real estate market. In addition to the Blackstone Group, renowned investment tycoon George Soros and Paulson previously purchased 92 million euros worth of shares in the Spanish real estate company Hispania Activos Inmobiliarios, and Bill Gates also acquired a stake in the Spanish infrastructure construction group FCC.
Worldway Editor
