Spanish Economy Beats Forecast as Growth at Pre-Crisis Level

Spain’s economy grew at the fastest pace in seven years in the first quarter, putting it on track to outpace its euro-area neighbors as the government forecast sustained growth would keep driving down unemployment.

Gross domestic product rose 0.9 percent from the previous quarter and 2.6 percent on an annual basis, the Madrid-based National Statistics Institute said on Thursday. Unemployment would drop to 15.6 percent in 2018 and public debt would start falling in 2016 as the economy sustains annual growth of about 3 percent, the government said later in an economic forecast.