World Economy

Spanish Economy Grows 0.7% 

Spanish Economy Grows 0.7% Spanish Economy Grows 0.7% 

The Spanish economy probably grew 0.7% in the second quarter as increased employment and favorable financing conditions supported consumption, the Bank of Spain said, Bloomberg reported. Most recent data continued to show “robust growth” even as expansion of business investment showed a certain slowdown, the regulator said in its monthly economic bulletin published Tuesday, citing preliminary data from available indicators. Retail sales rose 2.3% in May from the same period a year earlier, the National Statistics Institute said earlier. The Spanish central bank’s latest estimate comes after caretaker Prime Minister Mariano Rajoy secured a better-than-expected election result on June 26, increasing his People’s Party representation in parliament to 137 seats compared to 123 in December. Rajoy fended off a challenge by the anti-austerity platform Podemos by stressing his record on restoring economic growth and pledging to create 2 million jobs by 2020. So far, the Spanish economy has shrugged off political uncertainty to continue growing for 12 quarters in a row.