IMF Predicts Greater Economic Improvement for Spain in 2017
Spain has to be the best place to live in the EU and has so much
going for it.
The Spanish economy is now expected to grow by 3.1% according to the IMF. It’s last forecast from April suggested the Spanish economy would grow by 2.6% in 2017.
The upgrade means that Spain is one of the leaders of the EU when it comes to economic success and growing GDP. The IMF added that it was impossible to rule out the idea that Spain might be upgraded again later in the year, especially if more records are broken in the tourism sector this year.
It’s more than just the perpetual attraction of the country for holidaymakers that is boosting the Spanish economy. The IMF were also keen to praise how the government’s reforms in the economy and labour market created momentum, stressing the growing consumer confidence and demand. Altogether, it could create a virtuous circle where money is spent, jobs are created, and the economy expands.
While the government should be trying harder to tackle the problems of youth unemployment and wage suppression, the performance of the Spanish export sector shows the quality of the standards and the competitive nature of Spanish industry according to the IMF.
Spanish GDP rose by 3.2% last year, with growth of over 2.5% in 2015. When it comes to 2018, economists believe that the Spanish economy will continue to grow, especially as the construction and property sectors continue to grow and offer their support.