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  HOME | Business & Economy (Click here for more)

Spain’s Economy Grew 3.1% in 2017, Report Shows

MADRID – Spain’s economy grew 3.1 percent in 2017, marking a third consecutive year of annual growth over 3 percent as the country recovered from a devastating economic crisis, the National Institute of Statistics (INE) said in a report Tuesday.

A full detailed report is expected in March but preliminary figures suggested that the only period of slowdown came in the final quarter of 2017, when figures showed 0.7 percent of growth compared to 0.8 percent reported during the same period the previous year.

“We have been growing the economy above 3 percent for several years and more than 500,000 jobs are being created annually,” Spain’s Prime Minister Mariano Rajoy said on his Twitter account.

The latest INE report also showed that a banned Catalan separatist referendum and subsequent independence declaration in October 2017 that caused many businesses to relocate from the region did not affect economic growth at a national level.

Spain was one of the European Union countries worst hit by the 2007-2008 global financial crisis.

 

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