In the second quarter of the year (Q2) Spanish GDP rose by 0.9%, announced the Bank of Spain last week.
The Spanish economy is maintaining a steady growth pattern following a 0.8% rise recorded in Q1.
The increase of investment in the construction sector is a major contributing factor to the country’s economic growth, however the ongoing dockers’ strikes could have a noticeable effect on imports and exports, the bank warns.
Growth in Spanish GDP has forced the government to revise its economic forecasts; the Spanish government forecast economic growth of 3% this year, as opposed to the previous forecast of 2.7%, and growth of 2.6% in 2018, an upward revision of +0.1% on the previous forecast.
The government has also predicted a 17.4% unemployment level for 2017, 0.1% less than the rate previously predicted, and a 15.4% unemployment rate next year, 0.2% less than previous forecasts.
There will be a total of 518,000 jobs created in 2017 and by 2018 there will be 503,000 more jobs in Spain. By 2020 the country’s unemployment rates will fall to 11.1% with more than 20.5 million jobs, the government forecasts.Tags: Bank of Spain, Spanish economic growth, Spanish GDP