The Bank of Spain has revised upwards its growth forecast for this year to 1.9%. It observes greater dynamism in the short term, but warns that the bases of this improvement are unsustainable due to the fall in investment and low productivity.

Falling energy prices; the strength of job creation, although at a more moderate pace than in previous years; the progressive recovery of real income with salaries rising above what was agreed in agreements. The increase in the foreign population, and the extension of some Government aid will cause private consumption to grow by 2.3%.