OECD revises up Spain's economic growth forecast

The Organization for Economic Co-operation and Development (OECD) has revised up its economic predictions for Spain, according to a report published on Monday by the organization.

The OECD predicted a 3.2 percent growth for 2015, 0.3 percent higher than the figure predicted in June when the body estimated a 2.9 percent growth for this year.

On the other hand, the OECD revised down its economic predictions for 2016 from the 2.8 percent predicted in June to the 2.7 percent unveiled on Monday.

The growth rate for this year predicted by the OECD is 0.1 percent lower than that predicted by the Spanish government, while the rate for 2016 is 0.3 percent lower than that forecasted by the government.

The OECD said Spain's economy will continue to recover in 2016 and 2017 although the country's growth rate will gradually slow down.

The organization expected also a recovery in employment, as it predicted a 22.1 percent unemployment rate for 2015, 0.2 percent lower than the last prediction, and a 19.8 percent unemployment rate for 2016, 2 percent lower than the last prediction.

The last Inquest into the Active Population (EPA) carried out by Spain's Statistical Office showed a total of 4.8 million people unemployed in the third quarter of the year, with the unemployment rate at 21.18 percent. Enditem