Spanish GDP growth seen slowing to around 3 pct over next 2 yrs - Ordonez |
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Tue, 24 Apr 2007 15:27
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MADRID (Thomson Financial) - Bank of Spain Governor Miguel Angel Fernandez Ordonez said that Spain's GDP growth will slow to just over 3 pct over the next two years, from 3.9 pct in 2006, and that he predicts GDP growth in the first quarter at around 4 pct.Last week, the government also said that it forecasts first quarter GDP at around 4 pct, and it raised its GDP growth forecast for 2007 to over 3.5 pct year-on-year from the previous forecast of 3.4 pct.Speaking to reporters after addressing Parliament, Ordonez said the European Central Bank considers the current 3.75 pct benchmark interest rate as 'still on the accommodative side.'Addressing questions on today's stock market fall amid reports that the housing market bubble is about to burst, Ordonez said mortgage loan growth, while slowing, is still at important growth levels.'I think what we are seeing is a gradual slowdown,' he noted.tfn.europemadrid@thomson.comccs/ped/jsaCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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