Spain's second largest bank expects GDP to grow by 0.9% in 2014

BBVA, Spain's second largest bank, said the country's Gross Domestic Product (GDP) would grow by 0.9 percent in 2014 and by 1.9 percent next year, more that the government's initial projections.BBVA, in a statement, expected unemployment to drop to 25.6 percent of the total manpower by the end of this year, and to further decline to 24.8 percent next year. Joblessness stands at 26 percent now.It attributed last year's gradual improvement of Spanish economy to economic reforms adopted by the government of Madrid in particular and Europe in general. BBVA expected economy to keep on improving this year and in 2015. Spanish Economy Minister Luis de Guindos said the GDP would grow by one percent this year.The International Monetary Fund (IMF) said Spanish GDP would improve by 0.6 percent in 2014 and by 0.8 percent next year.The GDP slighty grew by 0.3 percent in the fourth quarter last year, ending economic recession at the third quarter.