Spanish economy powers ahead

spanishfactoryThe economy in Spain grew by 3.2% last year, according to official figures released on Monday.

The result mirrored that of 2015 and was one of the best among EU countries.  Eurostat statistics indicate that average annual growth in the euro block was 1.7% in the third quarter of 2016.

The economic recovery was advanced by the country’s bumper year in tourist numbers as well as increased domestic demand resulting from increased employment.

In addition, the economy was helped by low petrol prices.

Spain has now had 13 consecutive quarters of growth since the end of 2013.  When nine months of political paralysis left it with only a caretaker government, the economy did not falter.

Employment was slow to follow the onset of recovery, but from a high of 27% it has now finally shifted down.  Its current 18.6% is a clear improvement for thousands of job-seekers, but the rate is the second highest in the EU after Greece.

Official estimates indicate that the growth in GDP would slow to 2.5% in 2017.