Further upward revisions have been made to Spain’s economic growth forecast for 2017, says BBVA.

BBVA, Spain’s second largest bank, presented its economic report, showing economic growth of 3.3% this year, a revision of +0.3% on the previously predicted 3.0% growth.

In 2018, Spain’s economy is forecast to grow by 2.8%, up on the previous forecast of 2.7%.

Rafael Domenech, from BBVA Research, said the latest forecast was due to the “good performance” of the Spanish economy, reports xinhuanet.com.

Factors which are helping the Spanish economy to maintain its growth are a fall in unemployment levels, consolidation of the real estate sector and a rise in disposable income.

Employment levels will rise by 2.9%, according to BBVA Research, helping unemployment levels to fall by 17.1% this year and 15.3% next year.

Meanwhile, Spain’s public deficit is expected to fall to 3.1% this year and to 2.2% in 2018 as requested by the European Union (EU), said BBVA.