The National Statistics Institute (INE) confirmed that in 2015, the Spanish GDP grew by 3.2%; the highest increase generated by the Spanish economy since 2007.
The Spanish economy managed to extend its growth in the final months of the year, to maintain a quarterly increase of 0.8%, the same as was recorded in the summer and only two tenths below 1% in the second quarter. The Bank of Spain attributed this results to the great strength of private consumption and business investment as the pillars of the Spanish economy.
The data confirmed by the INE is only a tenth below the government forecast (3.3%), which was always more optimistic than international agencies and most private analysts about the strength of Spanish economic growth.
In addition to the improvements in the Spanish economy after tough years during the recession, the GDP growth in 2015 places Spain as the most powerful among the major advanced economies. In the European Union, according to the latest forecasts from Brussels, only Ireland (with a growth of 6%) and some Eastern European countries (Poland and Romania advanced to 3.5%) would have experienced a bigger upswing.
For 2016, the Spanish Government forecasts that this trend will continue and that the strength of domestic demand and the inertia of 2015 sustain the growth of the Spanish economy to about 3%.