GDP of Spain grew 3.2% in 2016 – The Colombian

the preliminary report from The National Institute of Statistics (INE) of Spain, revealed Monday that the gross domestic product (GDP) Spanish grew 3.2% in 2016, the same rate as in 2015. For the fourth quarter of the year, the rise was 0.7% compared to the previous quarter, said the statement from the INE.

These data are consistent with the forecasts of the government and the Bank of Spain and mean a growth higher than the average rate in the euro area (1.7 per cent).

however, the growth slowed down slightly in the last two quarters, at 0.7% against 0.8% in the first half of the year.

The expansion of the economy, favoured by the low oil prices, was fueled by an increase in consumption linked to lower unemployment, exports and the good figures in the tourism sector, which broke the record in 2016.

Spain, the fourth economy of the euro area, recorded its thirteenth consecutive quarter of growth since the end of 2013 when he began to recover from the real estate crisis and financial erupted in 2008.

Despite the good dynamics, the GDP growth should decelerate this year, up to 2.5 % according to the latest official estimates.

The Bank of Spain anticipates a loss of strength of the factors that spurred up to now the economy, as the price of crude oil and interest rates, as well as the depreciation of the euro.

Spain is also engaged with the European Commission to reduce its high deficit, bringing it to 3.1 per cent in 2017.

The unemployment, the crisis soared to unprecedented levels, continued to fall and in 2016, to stand at 18.6 per cent. But still, after the of Greece, the largest of the European Union (EU) and is well above the average of 9.8% (November) of the euro zone.