2015 closed with a GDP increase of 3.2% (0.8% in the last quarter of the year according to Bank of Spain forward data). This rise in GDP from the 1.4% of 2014 is primarily due to the increase in private sector demand. The improvement in expectations, mirrored in the rising PMI over the year, provided the market with suf-cient energy to make 2015 the year with highest GDP growth since the 3.8% of 2007. Underlying in0ation (without unprocessed food and energy products) stands at 0.9%, almost one point above the general CPI (which stood at 0.0% in December). Imbalances in the labour market remain with an unemployment rate of around 20% although this is a substantial improvement on two years ago when it was over 26%.
Source : BNP Paribas Real Estate