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IMF upbeat about Spain's economic outlook in 2017

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MADRID (AP) — The International Monetary Fund says it is raising the growth forecast for Spain in 2017 to 3.1 percent, due to improved levels of consumption, investment and exports amid a surging post-crisis recovery.

The revised figure is 0.5 percentage points higher than the IMF's previous forecast in April.

More needs to be done to reform the banking industry despite recent improvements, the IMF said in its assessment released Tuesday. It also warned that high-levels of public debt and unemployment remain a concern.

The Spanish government recently revised its GDP growth forecast for this year from 2.7 to 3 percent.

The country emerged from recession in late 2013 and is now one of the European Union's fastest-growing economies although its jobless rate of nearly 19 percent remains the EU's second-highest after Greece.

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