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Malaga beating Spain on economic growth, says survey

The Malaga province will end 2018 with local growth of 2.8%, above the national figure

AUGUSTÍN PELÁEZ

Monday, 26 November 2018, 12:56

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A study of the economic strength of Malaga province, including the Costa del Sol, has said that the area will withstand a slowdown in the wider Spanish economy and will end 2018 with local growth of 2.8%, above the national figure.

Bosses at the Colegio de Economistas, the professional body that represents accountants and qualified workers in the financial sector in the province, say that Malaga will grow slightly more than Spain this year, mainly because it is more resistant to international changes than previous slowdowns. Vice-dean, Antonio Pedraza, explained, " This slowdown has hit the Malaga economy with stronger defences than on other occasions and with a better foundation."

He said that agriculture and food production and new technologies were bringing added value locally, although the area still relied on the service sector.

In the third quarter of this year, 6% more companies were set up in Malaga, the highest in Andalucía, and job creation was outstripping the rest of the region as well.

This week the International Monetary Fund said it expected to see a small slowdown in Spain's growth this year (2.6%) and next (2.2%).

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