2 May, 2016 @ 11:40
1 min read

Spain’s economy beats forecasts despite continuing political uncertainty

spains black economy

spains-black-economySPAIN’S economy grew faster than experts predicted in the first quarter of 2016.

Gross domestic product grew 0.8%, 0.1% higher than the forecasts

The growth continued despite ongoing political deadlock, which has seen Spain without a majority government since December.

Mariano Rajoy’s acting government predicts Spain’s economy will grow 2.7% this year, before slowing to 2.4% in 2017.

The news comes as the country’s manufacturing industry also maintained expansion.

Spain’s Markit’s Purchasing Managers’ Index (PMI) rose to 53.5 in April, up 0.1 from March, securing 29 consecutive months of growth.

But despite the encouraging figures, analysts warn the continuing political drama could spell trouble ahead.

The amount of new orders and employment figures are already slowing down as the uncertainty breeds doubt among investors.

 

Laurence Dollimore

Laurence Dollimore is a Spanish-speaking, NCTJ-trained journalist with almost a decade’s worth of experience.
The London native has a BA in International Relations from the University of Leeds and and an MA in the same subject from Queen Mary University London.
He earned his gold star diploma in multimedia journalism at the prestigious News Associates in London in 2016, before immediately joining the Olive Press at their offices on the Costa del Sol.
After a five-year stint, Laurence returned to the UK to work as a senior reporter at the Mail Online, where he remained for two years before coming back to the Olive Press as Digital Editor in 2023.
He continues to work for the biggest newspapers in the UK, who hire him to investigate and report on stories in Spain.
These include the Daily Mail, Telegraph, Mail Online, Mail on Sunday and The Sun and Sun Online.
He has broken world exclusives on everything from the Madeleine McCann case to the anti-tourism movement in Tenerife.

GOT A STORY? Contact newsdesk@theolivepress.es or call +34 951 273 575 Twitter: @olivepress

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