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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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November 20 20:00 UTC Released

BRCAGED Net Payroll Jobs*

Actual

77 k

Forecast

Previous

77 k

November 20 13:00 UTC Released

RURetail Sales YY

Actual

3.0 %

Forecast

3.9 %

Previous

3.1 %

November 21 13:55 UTC 469469m

USRedbook MM

Actual

Forecast

Previous

-1.2 %

November 21 13:55 UTC 469469m

USRedbook YY

Actual

Forecast

Previous

2.3 %

November 22 12:00 UTC 17941794m

USMBA Mortgage Applications

Actual

Forecast

Previous

3.1 %

November 22 12:00 UTC 17941794m

USMortgage Market Index

Actual

Forecast

Previous

401.7 Bln EUR

November 22 13:30 UTC 18841884m

USJobless Claims 4-Wk Avg

Actual

Forecast

Previous

237.75 k

November 22 13:30 UTC 18841884m

USInitial Jobless Claims

Actual

Forecast

240 k

Previous

249 k

November 22 13:30 UTC 18841884m

USContinued Jobless Claims

Actual

Forecast

1.882 Mln

Previous

1.860 Mln

November 22 14:30 UTC 19441944m

BRForeign Exchange Flows*

Actual

Forecast

Previous

-3.412 Bln USD

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