The Spanish economy grew by 3.2% in 2015

The National Statistics Institute (INE) on Friday confirmed an estimate advanced by the Bank of Spain a month ago: gross domestic product (GDP) grew 3.2% last year, the biggest improvement since 2007, before the crisis hit home.

The Spanish economy managed to prolong its upward pace in the final stretch of the year, posting fourth-quarter growth of 0.8% from the previous three months (or 3.5% compared with the last quarter of 2014).

Although the INE will take a few more weeks to provide details of the national accounts in the three months to December 31st, the Bank of Spain has already attributed this economic vigour to the strength of private consumption and business investments.

The financial regulator also observed that exports will have had little to do with this growth, as they do not compensate for the surge in imports triggered by higher household and business spending.

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