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Spain GDP growth accelerates mildly in 2016

Spanish average real gross domestic product (GDP) rose 3.3 percent y/y in 2016, according to the government press release, a slightly better outturn than the 3.2 percent rate officially expected, but is yet to be confirmed by the statistical office.

However, compares favourably with an average 3.2 percent growth rate in 2015. Assuming this is the case, this suggests the country may have seen a growth rate of 0.8-0.9 percent q/q in last quarter of 2016, confirming that the economy grew at an average 0.8 percent q/q per quarter throughout 2016 - a pretty solid showing.

Spain’s economic renaissance has thus continued impressively and the country thus once again positions itself as a significant contributor to the 1.7 percent average Eurozone GDP growth that rate we expect for this year, and will likely play a key role in pushing up the region’s Q4 GDP growth rate to around 0.5 percent q/q, from 0.3 percent in the third quarter of 2016. At the margin, this is a positive development for EURUSD.

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July 21 14:30 UTC Released

USECRI Weekly Annualized*

Actual

144.8 %

Forecast

Previous

2.4 %

July 21 14:30 UTC Released

USECRI Weekly Index*

Actual

2.6 %

Forecast

Previous

143.9 %

July 24 00:30 UTC 834834m

JPForeign Direct Investm't*

Actual

Forecast

Previous

52.4 bln $

July 24 07:00 UTC 12241224m

FRMarkit Serv Flash PMI

Actual

Forecast

56.7 %

Previous

56.9 %

July 24 07:00 UTC 12241224m

FRMarkit Mfg Flash PMI

Actual

Forecast

54.6 %

Previous

54.8 %

July 24 07:00 UTC 12241224m

FRMarkit Comp Flash PMI

Actual

Forecast

56.4 %

Previous

56.6 %

July 24 07:30 UTC 12541254m

DEMarkit Service Flash PMI

Actual

Forecast

54.3

Previous

54.0

July 24 07:30 UTC 12541254m

DEMarkit Mfg Flash PMI

Actual

Forecast

59.2

Previous

59.6

July 24 07:30 UTC 12541254m

DEMarkit Comp Flash PMI

Actual

Forecast

56.3

Previous

56.4

July 24 08:00 UTC 12841284m

RUMarkit Mfg Flash PMI

Actual

Forecast

57.2 %

Previous

57.4 %

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