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Spanish official welcomes IMF revising up economic predictions

Xinhua, October 5, 2016 Adjust font size:

Spanish acting Minister of Economy Luis de Guindos said on Tuesday that the International Monetary Fund (IMF) forecasts for the Spanish economy were very positive.

The IMF has revised up its economic predictions for the Spanish economy in 2016 from the previous 2.6 percent to 3.1 percent.

Meanwhile, Spain's gross domestic product (GDP) would grow by 2.2 percent in 2017 according to the new forecast, which is 0.1 percent higher than the last one published in July 2016.

De Guindos said IMF revised up its forecasts due to better performance of the economy, including exports, investment in capital goods and job creation.

"The reforms implemented have worked and help the Spanish economy to be on its way out of the crisis," de Guindos said.

The acting economy minister said the country needed a stable government in order to keep the improvement of the economy.

A stable government will be able to meet the commitments agreed with Brussels and continue with the economic reforms to boost the economic recovery, he said.

Spain held general election for the second time in six months in June which resulted in a hung parliament without absolute majority. So far, political parties have not reached an agreement to form government, which could lead to a third general election. Endit