IMF downgrades Spanish economy

The IMF has downgraded it’s growth forecast for the Spanish economy down to 2.6% from the 2.7% it predicted in January.

The forecast for next year however remains at 2.3%. The downward revision of Spain’s growth prospects is the first since October 2013.

The IMF also went on to say that the Spanish jobless rate will continue to hover around 19.7% by the end of the year, and come down to 18.3% in 2017.