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the market environment

36

Annual Report 2014 BME

Macroeconomic Scenario for Spain 2014-2015.

Annual variation (%) unless indicated.

Source: FUNCAS.

2014

2015

IMF

(October 2014)

European

Commission

(Autumn 2014)

2015 General

State Budgets

Spanish

analyst

consensus

(November

2014)

(1)

IMF

(October 2014)

European

Commission

(Autumn 2014)

2015 General

State Budgets

Spanish

analyst

consensus

(November

2014)

(1)

Macroeconomic scenario

GDP

1.3

1.2

1.3

1.3

1.7

1.7

2.0

2.0

Household consumption

2.0

2.0

2.0

2.0

1.6

2.1

2.1

1.9

Public consumption

0.0

0.4

0.2

0.3

-0.4

-1.0

-1.0

0.0

Fixed gross capital formation

1.1

1.5

0.8

4.2

4.4

3.5

Capital goods

8.8

8.4

7.1

6.9

Construction

-5.9

-3.8

-3.9

-0.3

1.8

1.2

National supply

1.3

1.5

1.4

1.4

1.2

1.7

1.8

1.8

Exports

4.1

3.8

3.6

4.2

5.5

4.9

5.2

5.1

Imports

4.2

4.8

4.4

4.9

4.5

5.1

5.0

5.2

Foreign balance (GDP contrib)

(1)

-0.1

0.2

Other Indicators

Employment

0.8

0.7

0.7

0.8

0.8

1.1

1.4

1.5

Unemployment rate (% of active

population)

24.6

24.8

24.7

24.5

23.5

23.5

22.9

23.0

Unitary Employment Cost

0.5

0.2

0.1

0.9

0.4

0.5

CPI (annual average)

0.0

-0.1

0.0

0.6

0.5

0.7

Current account balance of payments

balance (% GDP)

0.1

0.5

0.9

0.5

0.4

0.7

1.1

0.8

Public Administrations balance (% GDP)

-5.7

-5.6

-5.5

-5.6

-4.7

-4.6

-4.2

-4.5

Gross public debt (% GDP)

98.6

98.1

97.6

101.1

100.3

(1) Source: FUNCAS forecasts panel.