Spain's economy grows by 3.2 pct in 2016

Spain's economy grew by 3.2 percent in 2016, according to provisional data published on Monday by Spain's Statistical Office (INE).

The figure coincides with that of 2015, when the Spanish economy also grew by 3.2 percent. According to these figures, the Spanish economy has been rising for three consecutive years after years of economic recession due to the financial crisis.

The INE reported that in the last quarter in 2016, the Spanish economy grew by 0.7 percent from October to December, which is the same figure than between July and September.

However, the economy grew by 0.8 percent in the first and second quarters of the year. It has been rising for 13 consecutive quarters in a row.

On a year-on-year basis, the Spanish economy grew by 3 percent in the last quarter of 2016 when compared with the same quarter in 2015, the INE said.

The Bank of Spain, the European Commission, the International Monetary Fund and the Spanish government predicted a 3.2 percent economic growth for 2016. However, the INE will publish the definitive data in March, when it will provide more details about the country's economic growth. Endit