Spain's economy to grow 3.3 percent in 2017Staff Writer |
Europe It could be possible to reduce the unemployment rate
Spain's economy will grow by 3.3 percent this year, up from the previously predicted 3.0 percent, according to a report by Spain's second-largest bank, BBVA.
Rafael Domenech, from BBVA Research, said the latest data pointed to the "good performance" of the Spanish economy, and explained that employment, disposable income, consolidation of the real estate sector, and exports had helped boost the country's growth.
According to BBVA Research, employment will rise by 2.9 percent in 2017, having an impact on the country's unemployment rate, which will fall to 17.1 percent this year and to 15.3 percent in 2018.
Domenech said it could be possible to reduce the unemployment rate to 11 percent by 2020, as the Spanish government hopes, pointing out that short-term jobs should be reduced.
Meanwhile, Spain's public deficit is expected to fall to 3.1 percent in 2017 and to 2.2 percent in 2018 as requested by the European Union (EU), said BBVA. ■
What to read next