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Spanish economy grows by 1 pct in Q2

Xinhua, June 26, 2015 Adjust font size:

Spanish economy grew by 1 percent in the second quarter of the year according to predictions revealed on Thursday by the Bank of Spain.

The figure is higher than that of the first quarter when the Spanish economy grew by 0.9 percent, while on an annual basis Spain's economy grew by 3.1 percent. The Bank of Spain predicted a 2.7 percent growth for 2016.

These optimistic predictions are in line with those provided by the Bank of Spain governor Luis Maria Linde on Wednesday when he announced the body had revised up its economic predictions for 2015 from the 2.8 percent previously predicted in March to the current 3.1 percent.

The Bank of Spain provided more optimistic predictions than those of the Spanish government, who forecasted a 2.9 percent GDP growth for 2015 and 2016. However, Spain's economy minister Luis de Guindos announced on Thursday that they would revise up its economic predictions.

Spain's economy is growing "at around 4 percent", de Guindos said, adding that job creation was "intense" which resulted in a positive development of the economy. Endit