The Spanish economy grew 3.1% in 2017 thanks to an increase in consumer spending and a higher rate of investment, data released recently by the government has confirmed.

The nation GDP figure showed an increase of 0.7% in the fourth quarter of last years, slightly slower than in previous quarters, meaning the economy grew slightly less than in 2016 when it expanded by 3.3%. Last year was the third consecutive year that GDP increased more than 3%.

Household demand was up 2.4% in the year and investment was up 5% (including 6.1% for investment in equipments and 4.6% in construction). Exports grew 5% and imports grew at almost the same pace, up 4.7%
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Of the 3.1% growth, 90% came from and increase in overall domestic demand.

Credit: Sur in English