Spain's economic growth exceeded forecasts for 2016 thanks to 'more international' business focus
Tuesday, January 17, 2017 @ 10:31 AM
THE national economy grew by 3.3% in 2016, according to government data released during the Spain Investors Day forum.
This means a slight improvement on 2015, when the economy increased by 3.2% - a figure which was also predicted for 2016 and has been beaten.
Forecasts for 2017 are for a 2.5% growth, but based upon the last two years' performance, the government believes the Spanish economy will probably beat its target for this year, too.
Manager of the economy office in the Moncloa Palace – Spain's answer to the White House and 10 Downing Street – says the 'foundations' for the country's economic structure are 'sound' and 'positive'.
In purely economic terms, this means the financial crisis is now history, although with more than one in five of the working-age population out of a job and 22.1% of households living in poverty, it will take considerably longer before this positive effect starts to filter down to ordinary people.
This growth has been partly helped by inflation remaining low in the last few years, helping to increase Spain's GDP and making the country more competitive in general, whilst reducing the State deficit from the 9% recorded in 2011 to a predicted 3.1% in 2017.
Exports are also up, and the tourism industry is booming with 70 million holidaymakers having travelled to Spain in 2016, the equivalent of 150% of the country's own population.
Read more at thinkSPAIN.com