Spanish economy grew 3.2% in 2015

 

While financial markets continue to harbor doubts over global growth, the Spanish economy saw robust expansion in 2015.

The National Statistics Institute (INE) on Friday confirmed an estimate advanced by the Bank of Spain a month ago: gross domestic product (GDP) grew 3.2% last year, the greatest uptick since 2007, before the crisis hit.

The Spanish economy managed to prolong its upward pace in the final stretch of the year, posting fourth-quarter growth of 0.8% from the previous three months (or 3.5% compared with the last quarter of 2014).

Although the INE will take a few more weeks to provide details of the national accounts in the three months to December 31, the Bank of Spain has already attributed this economic vigor to the strength of private consumption and business investments.

The financial regulator also advanced that exports likely have little to do with this growth, as they do not compensate for the surge in imports triggered by higher household and business spending.

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