Bank of Spain cuts outlook amid political uncertainty

The Spanish economy slowed in the first quarter and the outlook for the year was lowered, the central bank said yesterday.

The pace of growth slowed to 0.7% from 0.8% in the fourth quarter last year, the Bank of Spain said as it cut its annual growth forecast for 2016 to 2.7% from a previous estimate of 2.8%.

That compares to growth of 3.2% last year, which saw Spain’s economy accelerate at the fastest pace since 2007.