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Spain notches up steady economic growth in Q1

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MADRID: Spain’s economy grew at a steady pace in the first quarter, official figures showed on Friday, as the country continues to recover from a damaging crisis marked by sky-high unemployment.


Gross domestic product expanded by 0.8 per cent between January and March from the previous three months, slightly higher than the last quarter’s 0.7 per cent growth, according to preliminary figures from the national statistics institute INE.


Prime Minister Mariano Rajoy last week upgraded Spain’s economic growth forecast for the whole of 2017 to 2.7 per cent due to a stronger-than-expected performance at the start of the year.


He added that this new forecast was “prudent” and “below the majority of forecasts.”


Whatever the final number, growth this year will slow compared to 2016 when it reached 3.2 per cent as consumption picked up on the back of falling unemployment, strong exports and a thriving tourism sector. — AFP


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