Spanish economy on road to recovery thanks to excellent first quarter

THE Spanish economy has got off to a storming start in 2017.

Gross Domestic Product grew by 0.8% in the first three months, according to the central bank, as the nation extends its three-year recovery with greater momentum.
That’s better than the average estimate of economists in a Bloomberg survey, which forecast that the economy would maintain its pace at 0.7% in the first quarter.

The Bank of Spain increased its growth estimates for 2017-2019, citing an improved global economic outlook, which could help Spanish exports, and a stronger internal performance.

GDP is set to expand 2.8% this year, before slowing to 2.3% in 2018, and to 2.1% in 2019.

That compares favourably with previous forecasts of 2.5%, 2.1% and 2% respectively.