OECD revises up Spain's economic growth for 2017

MADRID, Nov. 28 (Xinhua) -- The Organization for Economic Cooperation and Development (OECD) has revised up Spain's economic forecast for this year, the organization reported on Tuesday.

The OECD forecasted a 3.1 percent growth for 2017 as opposed to the 2.8 percent previously predicted in June, while forecasted a 2.3 percent GDP growth for 2018, as opposed to the 2.4 percent growth previously predicted.

The country would grow by 2.1 percent in 2019, the OECD said, explaining that it is expected that the rise of domestic demand will slow down while the effects of low prices of fuel and taxes will eventually disappear.

The OECD pointed out that Spain's economic growth in 2017 has been solid and balanced but warned that political tensions could undermine consumers and companies' confidence having an impact on domestic demand.

The OECD predictions are very similar to those of the Spanish government.

According to Spain's Minister of Economy and Competitiveness, Luis de Guindos, the Spanish economy would grow above 3.1 percent this year and by 2.3 percent in 2018. Enditem