Spain benefits from lower oil price

In a Bloomberg Television interview in Madrid, Spain’s economy minister Luis de Guindos said lower energy costs for consumers and companies are helping to drive an acceleration in Spain’s expansion this year. The economy grew 1 percent in the second quarter, more than three times the euro-area average.

“We import the majority of the commodities, especially in the case of energy,” de Guindos said in the interview in Madrid on Wednesday. “So for Spain it’s a gain-gain situation.”

The government of Prime Minister Mariano Rajoy forecasts growth of 3.3 percent this year, buoyed by lower energy costs, interest rates close to record lows and a weaker currency. The decline in oil prices alone means a saving of 10 billion euros ($11.1 billion) — that will boost disposable income for households and lower costs for companies, de Guindos said.