Mike Ingram, a market strategist at BGC Partners, told CNBC on Thursday the austerity measures imposed in the country after its 41.3 billion ($56.4 billion) euro bailout from the euro zone would continue to weigh on Spain's growth in 2014.
While May added that any growth in 2014 would be anemic, given that the country's fiscal consolidation still had a long way to go.
"There are certainly a lot of problems still in place that mean that growth is likely to be sluggish at best," he said. "Austerity is going into place for some time yet, which will constrain domestic demand. There are still high levels of household and corporate debt and there's a risk that that coupled with possible deflation in Spain could still lead to quite a prolonged period of balance sheet adjustment."
(Read more: Goldman: How Europe outperforms in 2014)
Huw Pill, Goldman Sach's chief European economist, concurred that Spain's economic reforms and restructuring measures had contributed to problems including high unemployment, but argued that the outlook was brighter for the medium-term.
"We're not that optimistic on the short-term outlook for growth for Spain," Pill told CNBC in December. "But we do think because of the reforms, quite a lot of opportunities have been created beneath the surface. And looking 18 months down the road, that's a country where there's grounds for more optimism."
—By CNBC's Katy Barnato. Follow CNBC on Twitter: @CNBCWorld