SPAIN’S economy is expected to grow much more than predicted by the IMF this year.
The world banking institution had forecast growth of 2.6%, but on Tuesday it revised this to ‘at least’ 3.1%.
Strong consumption, investment and exports have helped to keep Spain’s four-year economic recovery on track.
The country’s gross domestic product also likely surpassed its pre-crisis level in the second quarter of this year, according to the IMF.
But the body added that Spain’s economy could end up growing more than 3.1% in 2017, if momentum from past reforms accelerates more than expected.
Spain restructured its banking sector and made tweaks to its labor laws several years ago to try to boost growth after the country plunged into recession when a building boom went bust.
The IMF called on Spanish authorities to take advantage of robust economic growth to focus on chipping away at public debt, which remains high at around 100% of GDP.
It added that the country needs to address youth and long-term unemployment rates, which are among the highest in Europe.
Thousands of new jobs are being created as the economy heals, but many are temporary and many Spaniards who say they want to work full-time are in part-time positions.
- BREAKING: Body of little Julen found in Malaga well - 16 Jan, 2019 @ 13:24
- Police confirm little Julen IS inside the Malaga well after DNA found on fourth day of search - 16 Jan, 2019 @ 12:59
- ‘He loves his tricycle’: Neighbours describe ‘friendly’ toddler Julen and his family’s history of heartbreak as search for tot in Malaga well continues - 15 Jan, 2019 @ 19:35
- Drilling expert claims it’s ‘almost impossible’ for little Julen to have fallen down Malaga well as builder claims he sealed up hole just WEEKS ago - 15 Jan, 2019 @ 18:15
- HEART-WRENCHING: Parents of trapped boy have slept next to Malaga well since Sunday and are ‘dead inside’ as rescue attempt enters THIRD day - 15 Jan, 2019 @ 14:22
- WATCH: ISIS terrorist cuffed in popular British expat hotspot on Spain’s Costa del Sol was ‘ready to attack’ after taking deadly oath - 15 Jan, 2019 @ 13:15
- British expats in Spain should get Spanish driving licences ASAP, UK government Brexit memo warns - 15 Jan, 2019 @ 11:50
- Fears grow for boy, 2, trapped down Malaga well for over 18 hours as desperate rescue attempt continues - 14 Jan, 2019 @ 14:00
- WATCH: Two fuming drivers stop cars to BRAWL among traffic on Marbella’s Golden Mile - 11 Jan, 2019 @ 17:15
- WATCH: Dolphins’ fins MUTILATED by boats and fishing nets as BBC series filmed off coast of southern Spain reveals their numbers have HALVED - 9 Jan, 2019 @ 12:50