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Spain's economy to grow by 3.1 pct in 2016: bank association

Xinhua, September 23, 2016 Adjust font size:

Spain's economy would grow by 3.1 percent in 2016, the Spanish Saving Banks Association (FUNCAS) reported on Thursday.

Analysts consulted by FUNCAS revised up the 2016 economic forecast from the previous 2.9 percent to the current 3.1 percent because "the evolution of the economy over the last quarters is better than expected".

However, they forecasted the country's economic growth would slow down in 2017 to 2.3 percent, due to a lower domestic demand and a lower contribution of the external sector to the country's gross domestic product (GDP).

Meanwhile, they predicted an annual inflation rate of 0.7 percent for December, 2016 and 1.3 percent for December, 2017.

Regarding employment, they predicted a 2.8 percent growth, 0.2 percent up on the last figure they had published, while in 2017 they expect a 2.1 percent growth, 0.1 percent up on the previous prediction.

The analysts predicted a public deficit of 4.5 percent for 2016, which would be below the 4.6 percent agreed with the European Union (EU), while in 2017 Spain's public deficit would be at 3.6 percent, which would be above the 3.1 percent agreed with the EU. Endit