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Spain economy to grow above 3 percent this year despite Catalonia crisis: Economy Minister

Source: Reuters - Thu 26th Oct 2017
Spain economy to grow above 3 percent this year despite Catalonia crisis: Economy Minister

Spanish Economy Minister Luis De Guindos said on Thursday he sees economic growth of just above 3% this year despite a secession bid by the wealthy northeastern region of Catalonia.

The government currently forecasts the euro zone’s fourth-largest economy to grow 3% this year, but the standoff with Catalonia over its independence ambitions has prompted Madrid to slash growth projections for next year.

De Guindos told Cadena Ser radio that if the government’s plan to impose direct rule in Catalonia went well, he hoped to return to debate and pass the 2018 budget in the next few weeks.

The minister added he could not rule out some resistance in Catalonia over the government’s plan from the region, but was convinced regional civil servants would collaborate.

Recommended Reading :

* Spain's Q£ unemployment rate falls to lowest since 2008

* Direct Catalonia crisis key risk to Spain rating : S&P

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