The Spanish economy
is increasing and recent data on the country’s gross domestic product (GDP)
show that the real increase for 2017
is above the 3% forecast
. The National Institute of Statistic (INE)
estimated that the Spanish GDP for 2017
will be situated at 3.1%
, despite the recent events that occurred in the Catalan region
. Our team of Spanish lawyers
can offer in-depth assistance on the main business activities carried out in this country and can advise businessmen on the legislation regulating these sectors.
Spanish economy in 2017
In the second quarter of 2017, the Spanish economy increased by 0.9%, while in the third quarter the growth was situated at 0.8%. In the last years, the Spanish GDP has increased on a steadily basis, having at the moment 10 consecutive quarters of growth (in which the growth of the GDP was above 3%).
According to the latest data provided by INE, the Spanish economy also registered 15 consecutive months of economic growth. The information on the macroeconomic indicators is in line with the ones provided by the country’s national bank and the Ministry of Economy. The local institutions estimate that the fourth quarter will also bring an economic growth.
The National Bank of Spain predicts that this economic trend will be sustained through the following:
• internal consumer demand;
Contributors to the Spanish economy
Over the course of the year, it is estimated that certain economic activities will increase their contribution to the Spanish GDP, as follows:
• international trade (increase of 0.6% to the GDP growth);
• imports (increase of 5%).
Amongst the top economic activities in Spain - which are major contributors to the local GDP - we mention the following:
• automotive sector;
• research and development.