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Spain poised to grow 2.9 percent in 2016

Source: Reuters - Sun 24th Jul 2016
Spain poised to grow 2.9 percent in 2016

Spain's economy may grow around 2.9% in 2016, up from the current official target of 2.7%, although 2017 could come under pressure due to lower global growth, acting Economy Minister Luis de Guindos said on Sunday.

"New macroeconomic projections, which would be a first step prior to the elaboration of a future budget by the (next) government, point to a stronger growth rate of 2.9% in 2016," de Guindos told reporters on the sidelines of the G20 summit in the Chinese city of Chengdu.

Spain is struggling to form a government after two indecisive elections in six months.

Though de Guindos did not provide any figure for economic growth in 2017 he recognised that a slowdown in the euro zone could have an impact. The country is forecasting growth of 2.4% next year.

Madrid faces European Union sanctions for breaching fiscal rules in 2015, when it did not sufficiently cut its deficit.

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