Published On: Thu, Dec 22nd, 2016

Bank of Spain expect steady GDP growth at the end of the year

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SpainThe Spanish economy probably maintained its pace of growth in the last quarter, supported by active job creation, releases the latest forecast of the central bank. According to the institution the GDP growth will reach 0.7% quarter-on-quarter in the period from October to December, which was the increase and the previous quarter.

The recovery continues to be encouraged by domestic consumption, which in turn was due to higher employment and favorable financing conditions of households. The corporate investment also showed signs of renewed dynamism, having lost momentum in the previous quarter, indicates the regulator.

The review of the economic situation of the central bank follows a series of better-than-expected macroeconomic data. Among them were the indexes for the presentation of the services and manufacturing sector.

The Prime Minister Mariano Rajoy seek for cross-party agreement on the approval of the budget 2017. The socialists, the traditional opponent of Rajoy’s conservatives, far refused to support the government’s plans. However, the two parties failed to agree on a series of measures, including an increase in the minimum wage, and it is considered a prelude to the approval of the budget.

In an interview, Economy Minister Luis de Guindos predicted that the budget can be approved before the summer.

The International Monetary Fund (IMF) urged Spain to continue to introduce reforms to tackle unemployment and to consider changes in VAT.

Bank of Spain expects the economy this year to grow by 3.2% and in 2017 by 2.5%.

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