As Spain’s economy is set to enter a second year of recovery from a deep recession, the Bank of Spain has rubber stamped many economists forecasts for accelerated growth in 2014 and 2015.
Last month, the Madrid-based central bank revealed that second quarter GDP expanded 0.5 percent from the first quarter, when it rose 0.4 percent.

Spanish Prime Minister Mariano Rajoy is on a mission to boost the country’s nascent economic recovery and cut its jobless rate, currently one of Europe’s highest. And it seems that his economic plan is paying off!
In the second quarter, the unemployment rate fell to 24.5 percent, its lowest level in two years, lifted by new jobs in the services sector.

Spain’s recovering economy, which emerged from recession in the second half of 2013, is slowly feeding through to the banks, fuelling a positive response from rating agencies like Standard & Poor’s.
Last month, S&P raised its rating on four Spanish banks, including top lenders Santander and BBVA.

Spain’s economy is continuing to consolidate the recovery initiated in the second half of 2013.
The recapitalisation of the country’s banks, wage cuts which have increased the competitiveness of its exports and incentives to encourage foreign investment flows have all contributed to the uptick.

After three years in the firing line due to concerns over its credit worthiness, Spain is back in favour with the rating agencies.
These companies are revising their call on Spain’s ability to pay its debts after the country this year exited the European Union bailout programme it was forced to accept in 2012.