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Spain 'upgrades' economic growth for previous years

September 12, 2017 11:27 AM
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Spain 'upgrades' economic growth for previous years

Spanish authorities have confirmed an upward revision to the country's economic growth in previous years.

Statisticians in Madrid now say economic growth in 2016 and 2015 was slightly stronger than previously reported as a result of a revisions to national accounting.

The National Institute of Statistics said economic output grew 3.3% in 2016, up from the 3.2% reported in March.

In 2015, GDP expanded 3.4% compared with the previous year, an upward revision of 0.2 percentage points.

The government is confident that the high growth period will continue.

Economic minister Luis de Guindos recently said that it would be "perfectly reasonable" for growth this year to surpass the 2016 rate.

Spain emerged from recession in late 2013 and is now one of the European Union's fastest-growing economies, although it still has the EU's second-highest unemployment rate.

Also read: Goldman Sachs says that 2018 will be a great year for the global economy

Source: ibtimes.co.uk

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