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Spanish Economic Growth Keeps Pace as Rajoy Seeks Budget

  • Gross domestic product grew 0.7 percent in the third quarter
  • Rajoy administration faces task of approving budget for 2017
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The Spanish economy maintained momentum in a 12th consecutive quarter of expansion, setting the stage for a contentious budget debate as Prime Minister Mariano Rajoy balances the need for deficit cutting measures with calls for a broader share of the recovery for Spaniards.

Gross domestic product expanded 0.7 percent in the three months through September, the Madrid-based National Statistics Office said Thursday, confirming an initial estimate. From a year ago, the Spanish economy grew 3.2 percent while adding about 499,000 new jobs.