Spain Freight Transport Report 2016
BMI View: Spain's freight transport sector will experience modest growth in the coming years as it continues to recover from the devastating impact of the recent recession.
Following years of contraction across freight modes, there were signs of recovery in 2014 and into 2015, and we expect volumes to continue on this upward trend in 2016.
We caution, however, that the freight sector remains overly reliant on export demand, particularly from Spain's main eurozone partners, many of which are undergoing weak growth.
Economic growth in Spain will continue to outpace many regional peers in 2016, with real GDP set to increase by 2.4% from 2.7% in 2015.
Improving consumer spending has underpinned Spain's improved economic growth prospects.
While this partially reflects a drop in unemployment, growing consumer confidence has been mainly driven by cyclical factors.
Real wage growth has only increased due to the collapse in global oil prices, which has dragged Spain into deflation, boosted real incomes and thus consumers' propensity to spend.
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