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Financial News: Bank Of Spain Warns Catalonia Independence Referendum Coul

Bank Of Spain Warns Catalonia Independence Referendum Could Hurt Economy

09/28/2017 - 10:01:00 (RTTNews)

(RTTNews) - The Bank of Spain warned on Thursday that the political tensions surrounding the referendum being held for Catalonia's independence could hurt economic activity.

Catalonia is set to hold the referendum on October 1.

"Regarding the risks to the growth forecasts, political tensions in Catalonia could possibly affect confidence, spending decisions and financing conditions," the bank said in its quarterly report.

The bank forecast 3.1 percent growth for this year, 2.5 percent for next year and 2.2 percent for 2019. Projections were unchanged from the previous report in June.

"The gradual waning of certain expansionary factors that have temporarily boosted the Spanish economic recovery will cause growth to moderate," the bank said.

The bank also estimates that the recent appreciation of the euro will have a certain adverse impact on activity and inflation, which will tend to be offset, by the recent strength of the external environment of the Spanish economy, in particular the euro area.

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