Bank of Spain predicts 1.2 per cent economic growth in 2014, but unemployment to remain high

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MADRID – The Bank of Spain predicts the economy will grow by 1.2 per cent in 2014, slightly above government and EU forecasts, though unemployment is expected to dip only slightly from its near-record levels.

In its monthly report released Wednesday, the bank said that despite the economic recovery, the unemployment rate of 26 per cent should edge down to 25 per cent this year and to 23.8 per cent in 2015.

It said gross domestic product should increase by 1.7 per cent in 2015.

Spain emerged from a double-dip recession in the third quarter of 2013.

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