MADRID, March 18 (Xinhua) -- The Spanish economy is growing in a stable manner, the Bank of Spain said on Monday when it published its quarterly report.
The Bank of Spain confirmed in the report titled "A comparison of recent economic developments in Spain and in the euro area" that growth rates have remained stable at around 0.6-0.7 percent quarter on quarter and it highlighted the "greater resilience" of the Spanish economy in comparison with other countries within the eurozone.
"Economic activity lost dynamism in the area of the Euro during 2018, affected above all by the weakening of demand worldwide," explained the report.
The Bank added that "external factors have made negative contributions to the evolution of the Spanish economy, although growth rates have remained stable."
It also explained that short-term indicators had affected previsions for economic activity in Spain with respect to other countries in the eurozone.
"The divergence in the evolution of both areas could be due to the greater impact of idiosyncratic elements in the Spanish economy, which are having a positive effect over short-term activity," said the Bank.
The Bank predicts that the Spanish economy will expand by 2.2 percent in 2019 with a growth of 1.9 percent expected for 2020.
Following the economic crisis which began in 2008, the Spanish economy returned to growth in 2013 and since then Spain has enjoyed five years of consecutive expansion.
