2 May, 2016 @ 11:40
1 min read

Spain’s economy beats forecasts despite continuing political uncertainty

spains black economy

spains-black-economySPAIN’S economy grew faster than experts predicted in the first quarter of 2016.

Gross domestic product grew 0.8%, 0.1% higher than the forecasts

The growth continued despite ongoing political deadlock, which has seen Spain without a majority government since December.

Mariano Rajoy’s acting government predicts Spain’s economy will grow 2.7% this year, before slowing to 2.4% in 2017.

The news comes as the country’s manufacturing industry also maintained expansion.

Spain’s Markit’s Purchasing Managers’ Index (PMI) rose to 53.5 in April, up 0.1 from March, securing 29 consecutive months of growth.

But despite the encouraging figures, analysts warn the continuing political drama could spell trouble ahead.

The amount of new orders and employment figures are already slowing down as the uncertainty breeds doubt among investors.

 

Laurence Dollimore

Laurence has a BA and MA in International Relations and a Gold Standard diploma in Multi-Media journalism from News Associates in London. He has almost a decade of experience and previously worked as a senior reporter for the Mail Online in London.

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