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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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January 20 07:00 UTC Released

DEProducer Prices YY

Actual

1.0 %

Forecast

1.0 %

Previous

0.1 %

January 20 07:00 UTC Released

DEProducer Prices MM

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0.4 %

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0.4 %

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0.3 %

January 23 07:00 UTC 154154m

TRConsumer Confidence*

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Previous

63.40

January 23 13:00 UTC 514514m

SACPI YY*

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2.3 %

January 23 13:00 UTC 514514m

SACPI MM*

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-0.2 %

January 23 13:30 UTC 544544m

CAWholesale Trade MM

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1.1 %

January 23 15:00 UTC 634634m

EZConsumer Confid. Flash

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Previous

-5.1 %

January 23 19:00 UTC 874874m

ARAnnual Industrial Output*

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Forecast

Previous

-2.5 %

January 23 21:00 UTC 994994m

KRConsumer Sentiment Ind*

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Forecast

Previous

94 bln $

January 24 00:30 UTC 12041204m

JPNikkei Mfg PMI

Actual

Forecast

Previous

52.4 %

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