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Bank of Spain revises up economic growth prediction for 2017 to 2.8 pct

Xinhua, April 3, 2017 Adjust font size:

Spain's economy is expected to grow by 2.8 percent this year, according to the latest predictions published by the Bank of Spain on Monday.

The bank revised up its predictions for the Spanish economy from the previous 2.5 percent gross domestic product (GDP) growth for 2017.

It also revised up its forecasts for 2018 and 2019, predicting a 2.3-percent growth for the following year from the previously predicted 2.1 percent, and 2.1 percent for 2019 from the previous 2.0 percent.

However, the bank warned that growth would slow in the following years due to a minor effect of low oil prices and interest rates.

Meanwhile, exports would rise by 6.1 percent this year and by 4.4 percent the following year and in 2019.

The central bank also emphasized a better than-expected-performance of the economy in the first three months of the year with a growth of 0.8 percent when compared with the same period of a year earlier.

The Spanish government forecast a GDP growth of 2.5 percent for this year, a figure announced last week when the state budget was passed.

The Spanish minister of economy, industry and competitiveness, Luis de Guindos, had said they had been cautious, despite expecting the figures to be surpassed. Endit