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Business

Spain's economy to 'grow by over 3%' despite lack of government

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By Euronews
Spain's economy to 'grow by over 3%' despite lack of government

Spain’s economy will expand by more than 3 percent this year according to the acting economy minister Luis de Guindos.

The lack of government is having an effect on the economy

Luis de Guindos Acting economy minister

That is a stronger performance that the 2.9 percent growth the government forecast in July but down from last year’s 3.2 percent.

However, de Guindos in an interview with the newspaper ABC did warn, “the lack of government is having an effect on the economy”.

He added: “There are factors which already indicate that it is causing a deceleration.”

Spain has twice held national elections in the last nine months without a clear parliamentary majority emerging.

De Guindos said the negative effect of the political situation, due in part to sliding economic sentiment and falling demand for credit, will be felt by the fourth quarter.

Spain will tell authorities in Brussels the economy will expand by 2.4 percent next year, slightly above its current forecast of 2.3 percent, Spanish newspaper La Razon reported on Monday citing government sources.