New official data continues to confirm that 2017 was a year of consolidated growth for the Spanish economy, marked by an increase in consumer confidence and decreasing unemployment levels.
Property transactions and price rises were reported in the vast majority of the nations autonomous regions and both national and international investors are once again turning to sunny Spain as a main point of interest.
The latest official data reveals a 3.1% expansion in Spanish GDP in 2017, with a 0.7% increase in the fourth quarter. While slightly lower than the growth reported in previous quarters, last year was the third consecutive year that GDP grew by more than 3%.
The figures confirm an increase in consumer spending and the far higher rate of investment that is being felt in many regions like the Costa del Sol. The report found that household demand was up 2.4% in the year and investment was up 5%, (including 6.1% for investment in equipment and 4.6% in construction). Exports also grew by 5% and imports grew at almost the same pace, up 4.7%.
Of the 3.1% growth, 90% came from an increase in overall domestic demand.
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