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November 21, 2016

The growth of the Spanish economy slows its path, but continues to advance

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According to data published by the National Institute of Statistics (INE), the national GDP grew by 0.7% during the period from July to September 2016, which is one tenth less than in the previous three quarters. However, the evolution of Spanish GDP shows the annual growth rate of more than 3%, despite the pessimistic forecasts of some international organizations.

In annual terms, Spain's economic progress was by 3.2%, which is the slowest pace since the last spring. However, the total volume of GDP for six consecutive quarters rose more than by 3%, clearly indicating that factors such as the political uncertainty observed in recent months in Spain or the "Brexit" did not have as negative consequences as it was expected.

In addition, the Bank of Spain has declared this week that the economy of Spain continues to show great stability and strength, despite the risks. Experts point out that the national economy is progressing steadily, despite external and internal uncertainties that may negatively influence it.

As explained by the main bank of the country's financial system in its economic bulletin of October 2016, the national GDP continues to show its great strength due to the dynamism of domestic private consumption. During the third quarter of this year, according to this official agency, Spain's private domestic demand "continued to grow steadily in the context of the continuous creation of jobs and favorable financial conditions in general".

The Bank of Spain has also indicated that most of Spain's economic indicators registered a modest acceleration in the third quarter of 2016 on an annual basis, for example, the registration of private vehicles purchased in September, or the sale of goods and services of consumption of large companies in August.

Therefore, due to the positive evolution of domestic consumption, the GDP growth in Spain wasn’t affected by some other negative factors observed in the market in recent months.

In addition, according to the experts, while maintaining the current pace of growth, Spain's GDP could end the year with a growth of 3.2%, which is very close to the 2015 index and double more what was recorded in 2014, and therefore, it will repeat the best indicator of the last eight years.

This figure also surpasses the predictions of some important organisms, like the Foundation of the savings banks (Funcas), that predicted that the growth of the GDP would be of 3% for the whole year; and of the International Monetary Fund (IMF), which this summer revised its forecast to 3.1%.

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