The Spanish economy was forecast to grow by 2.5% this year, but analysts at BBVA bank have upgraded their forecast to 2.9%, according to its latest quarterly report.
The upward revision is 0.2% more than the economic forecast made by the government. BBVA’s decision to upgrade its prediction is due to the impact of the crisis in Catalunya not being as serious as they first expected; international tourism continues to grow, while the construction sector and property market remains strong.
The bank also upgraded its 2019 economic forecast to 2.5%, while unemployment figures are predicted to fall by 1.37% by the end of 2018.
Tags: BBVA, Spanish economic growth