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Spain’s economy grows but braces for slowdown

MADRID: Spanish economic growth remained steady in the third quarter, expanding at a similar rate as a quarter earlier, although weaker exports pointed to slight slowdown this year, official preliminary data showed on Wednesday.

Spain’s economy has grown steadily ever since it emerged from a 5-year slowdown in the latter part of 2013, expanding by over 3 percent each year from 2015-2017, though economists have warned that it may have passed its peak.

The country’s gross domestic product expanded by 0.6 percent in the third quarter, unchanged from a quarter earlier and in line with forecasts, data from the National Statistics Institute showed.


Spain’s economy has grown steadily since it emerged from a 5-year slowdown in 2013

On an annual basis the economy grew by 2.5 percent, unchanged from the previous quarter and also in line with economists’ expectations.

The Bank of Spain cut its growth forecasts in September citing a slowdown in main export markets, concerns over potential global trade disputes, a fragmented parliament and uncertainty over Catalonia.

The government has also slightly reduced its own growth expectations for this year and 2019, to 2.6 percent and 2.3 percent respectively.

On Tuesday, data showed the euro zone, Spain’s largest trading partner, grew less than expected in the third quarter as the public mood turned darker, with signs of distress in Italy highlighting concerns that the bloc’s third-ranked state is becoming one of its weakest links.

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