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Spain's economy to grow by 2.7 pct in 2016: FUNCAS

Xinhua, March 15, 2016 Adjust font size:

Spain's economy would grow by 2.7 percent in 2016, according to analysts from Spain's Saving Banks Association (FUNCAS).

The forecast, which was published on Monday by FUNCAS, predicted a 2.7 percent growth for this year and a 2.3 percent growth for 2017.

FUNCAS said that Spain's economic growth would slow down this year when compared with 2015 stating that the country's economy is expected to grow by 0.6 percent in the first quarter in 2016.

According to the analysts, exports will increase by 5 percent in 2016 and imports will rise by 5.9 percent. Meanwhile, employment will rise by 2.4 percent this year and by 2.1 percent in 2017.

FUNCAS analysts' also predicted that Spain's public deficit would stand at 3.5 percent of the gross domestic product (GDP) this year and at 2.7 percent of Spain's GDP in 2017.

The International Monetary Fund (IMF) forecasted a 2.7 percent growth for 2016 and a 2.3 percent growth for 2017, while the Spanish acting government had predicted a 3 percent growth for 2016 and a 2.9 percent growth for 2017. Endit