Spain’s 2014 GDP Target Raised By 450 Percent: CITI

Spain’s recovery has accelerated on the back of growing corporate profits and faster than expected job growth, causing Citi to raise GDP growth forecasts from 0.2% to 0.9% for 2014 and from 0.8% to 1.1%, providing what could be a roadmap for Portugal to follow. “The financial position of the corporate sector has improved significantly over the past 4 quarters on the back of strong export-driven revenues and ongoing declines in labour costs, resulting in hefty profit growth,” writes Citi analyst Giada Giani. “This is now translating into stronger business investment expansion and, crucially, into earlier-than-expected net job creation.” Spain’s…