Spain revises up economic growth for previous years

By The Associated Press Markets Associated Press

Spanish authorities say economic growth in 2016 and 2015 was slightly stronger than previously reported as a result of revising the national accounting.

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The National Institute of Statistics says that economic output grew 3.3 percent in 2016, up from the 3.2 percent reported in March. In 2015, GDP expanded 3.4 percent compared with the previous year, an upward revision of 0.2 percentage points.

The government is confident that the high growth period will continue. Economic minister Luis de Guindos recently said that it would be "perfectly reasonable" for growth this year to surpass the 2016 rate.

Spain emerged from recession in late 2013 and is now one of the European Union's fastest-growing economies, although it still has the EU's second-highest unemployment rate.