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Spain | Economic growth closed up in 2016 and shows biases for 2017


The Spanish economy gained traction at the end of 2016. It is estimated that quarterly GDP growth (QoQ) could have been 0.9% in 4Q16, one tenth more than estimated a month ago and two-tenths above the increase observed in 3Q16. Thus, 2016 would have closed with an annual average growth of around 3.3% and there would be a moderate upward bias over the 2017 forecast (2.5%).


  • Domestic expenditure on consumption and investment balance out
  • Exports have corrected upwards after a disappointing 3Q16
  • The labour market recovery was reaffirmed at the close of 2016
  • Headlight inflation exceeds 1.0% for the first time since 2013
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