The Spanish economy grew by 0.5 percent in the second quarter of the year according to figures published by the Bank of Spain (BOE) on Wednesday.

The 0.5 percent growth in Spain's GNP in the second quarter shows a slight acceleration on that registered between January and March when the economy grew by 0.4 percent. It also means Spain has seen tentative growth for the past four quarters.

The BOE considers the main reason for the increase in pace of the economic recovery is an improvement in internal consumption during the second quarter of the year.

Consumption and business investment rose by 0.3 percent, while external demand rose by 0.2 percent, due to a recovery in the volume of exports between April and June.

As a result of the positive figures the BOE has slightly improved its predictions for the Spanish economy for the rest of the year and for 2015, anticipating a growth of 1.3 percent in GNP for 2014 and of 2 percent for 2015. This is 0.1 percent and 0.3 percent respectively higher than its last predictions.

"This reflects the recent evolution in activity and employment which has been more favorable than previously expected, and also as a result of the impact of the fiscal reforms announced on June 20 and the context of the normalization of conditions in financial markets and the reduction of the resulting uncertainty," commented the Bank.

The BOE is also optimistic regarding the creation of jobs in a country where over 25 percent of the workforce is unemployed with over 4.7 million people out of work.

"We estimate an increase in net terms for the third consecutive quarter, which would lead to a positive level of job creation, close to 0.4 percent for the first time in the last 6 years," confirmed the BOE in its report.