Spain's economy is set to pick up in the fourth quarter on robust domestic spending, the Bank of Spain said in its Economic Bulletin on Tuesday.
The economy is forecast to grow 0.6 percent sequentially in the fourth quarter, which if confirmed, would take the annual growth to 1.9 percent.
For the whole year of 2014, GDP is projected to expand 1.4 percent, up from the prior estimate of 1.3 percent. Going forward, the recovery is expected to continue in 2015, when growth is estimated at 2 percent, similar to the previous projection.
According to Bank of Spain, the foreseeable weakening of export markets over the coming year will be offset by a continued improvement in financing conditions, the depreciation of the euro exchange rate and the lower oil prices.
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