Cecabank Annual Report 2014

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Strategic lines
Economic climate
The recovery in the Spanish
economy that began in mid-2013
became established in 2014,
although the pace remained
moderate. This recovery began
in a context in which financing
conditions continued to steadily
improve, due to progress cleaning
up the financial system, the better
situation of credit applicants, and
the extraordinary monetary policy
measures announced by the ECB.
It was underpinned by domestic
demand, which started growing
again after three years of strong
contraction, although constraints
on its progress persist.
The year’s key events included
stabilisation of the property
market, improvement in the labour
market, substantial private-sector
deleveraging efforts, and the
likelihood of meeting the public
deficit target.
International economy
CHANGE IN GDP
USA
0
1
2
3
3,5
2,5
1,5
0,5
-0,5
-1
-1,5
-2
Japan Euro area Germany France Italy Spain
2013 2014 2015
Sources: IMF, WEO October 2014
312 313 314 315 6 6 6 6
0
2
4
3
1
-1
-2
-3
-4
-5
9 9 9 9 12 12 12 12
Spanish economy
GDP DOMESTIC DEMAND EXTERNAL DEMAND
Sources: FUNCAS, December 2014
Economic and regulatory context