INE revises up Spain’s GDP growth for 2016 and 2015

The Spanish economy grew 3.3 percent in 2016, more than a previous estimate of 3.2 percent, National Statistics Institute INE said on Tuesday.

The institute said economic growth was stronger than previous estimates because of a greater increase in external demand, although national demand was weaker.

It also revised its GDP growth for 2015 to 3.4 percent from a previous 3.2 percent estimate.

In July, the Spanish government raised its official growth forecast to 3 percent in 2017, up from a previous forecast of 2.7 percent.
Source: Reuters (Reporting by Blanca Rodriguez and Jesús Aguado; editing by Isla Binnie)