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MADRID, Oct 28 (Reuters) - Spain’s economy expanded by 0.7 percent in the July to September period on a quarterly basis, according to preliminary data from the National Statistics Institute (INE) on Friday, a slight slowdown from the previous three months.
That was in line with economists’ forecasts, and down from the quarterly growth of 0.8 percent registered in the second quarter.
Spain’s economy has largely weathered a 10-month political deadlock caused by two inconclusive elections, as a recovery in the job market and a record tourism season boosted consumer spending.
On an annual basis output grew by 3.2 percent, INE said, exceeding forecasts but down from 3.4 percent in the previous quarter. Last quarter’s reading was revised upwards from 3.2 percent. (Reporting by Sarah White, Editing by Jesus Aguado)