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Spain's GDP grows by 0.7 pct in Q3

Xinhua, November 25, 2016 Adjust font size:

Spanish gross domestic product (GDP) grew by 0.7 percent in the third quarter of the year, according to data released on Thursday by Spain's Statistical Office (INE).

The figure is 0.1 percent lower than that of the previous quarter, when the country's economy rose by 0.8 percent on a quarterly basis.

Meanwhile, on a year-on-year basis, Spain's economy grew by 3.2 percent in the third quarter of 2016 when compared with the third quarter in 2015. According to the INE, the figure is 0.2 percent lower than that for the second quarter when the economy grew by 3.4 percent year-on-year.

Thursday saw a representative of the Bank of Spain, Pablo Hernandez de Cos, say this data confirmed the slowdown of Spain's economy although he said growth was still strong.

The Spanish State Secretary for Economy Irene Garrido also commented on this data saying that the government kept its economic forecast of a 3.2 percent growth for this year.

She said the economy was growing at an average of 3.2 percent, so the forecast of 3.2 percent GDP growth was perfectly achievable. Enditem