Spanish Officials See Stabilization in Q2 2013

1/ This morning, Spain’s Finance Minister Luis de Guindos made positive comments regarding economic situation and expected GDP to be closer to zero in Q2:

 

More from the Wall Street Journal:

 

Spain’s Finance Minister Luis de Guindos said Tuesday that the rate of contraction of gross domestic product will be close to zero in the second quarter, signalling that an end to the economic recession is in sight.
 
According to Spanish newswire EFE, Mr. De Guindos said at a conference in the city of Santander that we’re at an inflexion point which indicates that we can leave the recession behind us.

 

2/ Just after, Prime Minister Mariano Rajoy said that there are positive signs regarding Spanish economy so that the worst is over. As an exemple, Rajoy underlined that exports of goods rose 8% from a year ago during first four months of the year

 

More from CincoDias:

 

“Creo que lo peor ha pasado, por eso vamos a mantener la misma línea de política económica y lo creo así porque aunque los resultados lleven su tiempo, algo que dijimos, estas políticas están dando sus frutos y hay indicadores positivos que son el prólogo o la primera página de la recuperación económica”
 
“En este punto, ha señalado que las exportaciones de mercancías estaban creciendo un 17% en abril en términos reales y que su crecimiento medio en los primeros cuatro meses del año ha sido del 8%.”

 
 My view

 

- Spanish economy has showed positive signs since March.
 
- It confirms my feeling that Eurozone growth could stabilize in Q2 2013 before recovering in H2 2013.
 
- Indeed, it seems that German growth (27% of EU economy) should accelerate in Q2 around 0.3% QoQ while French (20% of EU economy) and Spanish (12% of EU economy) growth could stabilize.