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Spain plans to revise up its economic predictions

Xinhua, July 5, 2016 Adjust font size:

The Spanish acting minister of economy and competitiveness, Luis de Guindos, announced on Tuesday the government planned to revise up its economic predictions.

De Guindos made this statement in an interview on local radio Onda Cero where he pointed out that the latest data showed the country's gross domestic product was growing by more than 3.0 percent.

The current economic prediction is 2.7 percent growth, a figure that was announced in April when the government revised down the forecast from 3.0 percent.

However, De Guidos explained job creation was rising and this would make the government "revise up economic forecasts for 2016 and 2017." He said that despite the complex international situation and Brexit, Spain could grow more this year than in 2015 if there was a stable government.

Spain held general elections on June 26 for the second time in six months and political parties now need to negotiate to form government as the People's Party, although winning the elections, fell short of securing a majority.

De Guindos warned the country's economic recovery was not guaranteed, emphasizing Spain still had serious problems such as high unemployment. He said the country needed a government with "the right agenda that carries out reforms." Endit