Spain’s GDP growth rate in the first half of this year has been solid. In the second quarter, GDP expanded 0.7% quarter-on-quarter nearly in line with the 0.8% rise in the first quarter, translating into a 3.2% year-on-year increase. So overall, the balance for the first half of 2016 has been favourable. And the strong performance over this period means that it is very likely GDP growth will be close to 3% for the full-year. But there are downward risks for 2017.