Spanish Immigration Economy: According to media reports, the National Statistics Institute (INE) released data on Friday showing that the Spanish economy maintained strong growth in the third quarter, and this year's performance is expected to be the best since 2007.
As the fourth largest economy in the Eurozone, Spain's GDP grew by 0.9% from July to September, down from 1% in the previous quarter. However, it is higher than the 3.4% growth in the same period of 2014 and exceeds the 3.1% growth rate of the second quarter.
Many economists in the private sector expect that Spain's economic growth for the entire year will exceed 3%. This marks the first time since Spain's economy grew by 3.8% in 2007 that it has surpassed 3%. The Spanish economy had experienced years of contraction of 8% due to the economic downturn until growth resumed in mid-2013.
In 2014, the Spanish economy grew by 1.4%. In July of this year, the Spanish government raised its economic growth forecast for this year from 2.9% to 3.3%.
The statistical department did not provide a specific analysis of economic growth for the quarter, but detailed information will be released on November 26. In recent weeks, the Bank of Spain, which has been making economic forecasts independently, stated that domestic demand, driven by domestic consumption, has contributed significantly to economic growth in the third quarter and in October.
The rapid growth of the Spanish economy is closely related to the rapid increase in job opportunities, and similar to the labor market reforms praised by domestic companies in 2012, lower borrowing costs and energy costs have stimulated employment. Mariano Rajoy, who is campaigning for re-election as Prime Minister of Spain on December 20, stated on Monday that since January 2014, the Spanish economy has created over 1,000,000 jobs for the nation, with approximately 600,000 jobs expected to be added this year.