Update of Spanish economic projections (2014-2015)

Abstract

This box sets out an update of the Spanish macroeconomic projections for the period 2014-2015, prepared by the Banco de España as part of the joint Eurosystem forecasting exercise. They have been adapted to include several changes made since that exercise was completed, including most notably the publication by INE of the new Quarterly National Accounts (QNA) series using ESA 2010 methodology on 27 November. The changes to the assumptions since the cut-off date of the joint exercise have also been included, especially in view of the sharp drop in the price of oil