Spain cut its growth forecast to 2.7% in 2016 – Investing.com Spain

MADRID (Reuters) – The Spanish caretaker government has lowered its forecast for GDP growth in Spain this year to 2.7 percent from 3 percent initial and 2, 4 percent in 2017 from 2.9 percent previously expected, the acting Minister of Economy said Saturday in Washington Luis de Guindos.

The Council of Ministers on Friday approved the new Spanish economic outlook after presenting this week to Brussels, and the new macro picture reflect the effect on GDP of the global slowdown, De Guindos said, according to confirmed a ministry spokesman.

the Spanish economy grew last year by 3.2 percent, so the new forecast, which coincides with that of the European Commission points to a slowdown midpoint GDP this year.

the Bank of Spain recently warned of risks to growth as doubts about the global economy and domestic political uncertainty, with the main parties pointing to new elections to the difficulties in reaching Government agreement.

The International Monetary Fund forecasts are slightly more cautious than those of the Spanish Government, as it expects Spanish GDP growth will fall to 2.6 percent in 2016 and 2.3 in 2017.

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