According to these projections, some of the imbalances built by the Spanish economy would be corrected partially in 2011 and 2012. The high weight construction investment reached and, in particular in housing on GDP in the expansion stage and continue easing rates would be at a more comparable to those of other European countries, says the agency
In 2011, residential investment expected to fall further, although the magnitude of the decline (-7.2%) would be almost 10 points less marked than that which took place in 2010. These estimates rely on a hypothesis about the number of housing starts similar to that observed recently. Because it is expected that the negative gap between the dwellings started and completed to continue declining this year, falls in residential construction will be progressively smaller. Thus, it is expected that the downward adjustment of this component of demand completion around the end of 2011
