Spain's economy to recover in 2014

Spanish Prime Minister Mariano Rajoy said on Friday that Spain's economy would recover in 2014 thanks to the country's economic growth and a fall in unemployment. Rajoy, while reflecting on Spain's 2013 economic development in a press conference after the cabinet meeting, said that in 2014 there would be more people working and fewer unemployed. Job creation is a challenge for Spain, where unemployment rate surpasses 27 percent, with more than five million people looking for a job in the country. "Today I can say that 2014 will be a much better year," Rajoy told reporters on Friday, differing from late 2012 when he warned 2013 would be a tough year. Rajoy thanked the Spaniards for their "understanding and bravery" in times of crisis and defending the reforms the government carried out in 2013, which he said has helped adjust Spain's expenditure and revenue. "Spain has regained credibility in financial markets," Rajoy said, pointing out that rating agencies had recently upgraded Spain's rating. However, Rajoy said that he was not satisfied with the situation of the Spanish economy because more job creation and growth was needed. The Spanish economy grew by 0.1 percent in the third quarter of 2013 and the government expects to consolidate this growth in 2014. The Bank of Spain reported on Friday that the country's economy continued to improve at the end of the year, but warned that the information was still partial as some data were not included.