RaboResearch - Economic Research

Economic Report Dutch version

Macroeconomic developments in Europe

We expect growth in Europe to accelerate gradually, although the economy has far from fully recovered from the Global Financial Crisis. Substantial deterioration in the Greek situation and/or the geopolitical conflicts remain downside risks.

Country Report

Country Report Spain

The Spanish economy is expected to maintain its competitiveness while domestic demand strengthens. The low quality of employment created may hurt productivity growth. We expect to see political fragmentation at the national level.

Economic Update

Spain: solid GDP growth on the back of domestic recovery

Rabobank expects the Spanish economy to grow around 2¼% in 2015. This growth is primarily driven by private consumption but public consumption and investment will also contribute positively. Net exports are expected to contribute negatively to GDP as import growth remains strong on the back of domestic demand.

Economic Update

Spain: investment is back, consumption is up

Spain’s economic recovery has strengthened in the third quarter, mainly due to growth in consumption and investment. This also improves next year’s growth outlook. Meanwhile, the external rebalancing is in full swing and government finances are improving.

Special Dutch version

Outlook 2015

In the Outlook publication, Rabobank presents her yearly economic predictions for the coming year. The macroeconomic ‘Outlook 2015’ is published alongside the Thematic booklet ‘Prosperity in the new economic reality’.

Economic Update

Spain: GDP and employment growth on the rise

GDP growth remains robust, mainly owing to a rise in private consumption. We expect employment growth to pick up, especially in the services sector. The fiscal reform announced in the wake of next year’s election puts the deficit target at risk.

Economic Update

Spain: increasing growth, decreasing inflation

Gradually increasing GDP growth in recent quarters and a further improvement of sentiment show that the Spanish recovery is on a solid footing. However, despite this recovery, inflation remains worryingly low.

Country Report

Country Report Spain

Despite the improvement of the short term economic outlook, several bottlenecks of the Spanish economy (rigid labour market, weak banking sector) desire policy urgency. Unfortunately, upcoming elections are clearly weighing on the political support to continue with necessary reforms.

Economic Update

Spain: Growing while rebalancing

Recent data show that the gradual recovery of the Spanish economy will continue going forward. In addition, ongoing export growth and muted wage pressure indicate that the much needed rebalancing process is still on track.

Economic Update

Spain: Basta recesión!

Spanish GDP rose in 13Q3, after nine quarterly contractions in a row. Although positive, we do not expect a quick recovery on the labour market. Based on the Budget 2014, the fiscal effort will be slightly less than in preceding years.

Country Report

Country Report Spain

The short term pain of the macroeconomic rebalancing process is clearly weighing on the political support to continue with necessary reforms. Without a more vigorous cleanup of the banking sector, it will remain a large drag on the recovery going forward.