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Spain revises economic growth forecast up for 2016

MADRID – The acting Spanish government has revised upward its forecast for economic growth this year from 2.7 per cent to 2.9 per cent.

Presenting the figures Friday, the government adjusted its growth estimate for 2017 to 2.3 per cent, down from 2.4 per cent.

The National Statistics Institute also confirmed preliminary estimates that the economy grew by 0.7 per cent in the second quarter compared with the previous three months, and 3.2 per cent on the year.

Spain emerged from recession in late 2013 and is now one of the European Union’s fastest-growing economies although its unemployment rate of about 20 per cent remains the EU’s second-highest after Greece.

Acting conservative Prime Minister Mariano Rajoy, in office since 2015, on Thursday agreed to try to form a government and end seven months of deadlock following two inconclusive elections.