May 18, 2017 / 1:23 PM / 6 months ago

Spanish economic growth accelerating in second quarter - econ minister

MADRID, May 18 (Reuters) - Spain’s economic growth is showing signs of speeding up in the second quarter of 2017 after gross domestic product expanded by 0.8 percent in the first three months of the year, Economy Minister Luis de Guindos said on Thursday.

“These are positive data. They show the government’s forecasts are conservative,” de Guindos told an event in Madrid. Spain recently hiked its growth projections for 2017 to 2.7 percent from 2.5 percent.

Separately, de Guindos also said that a “bad bank” known as Sareb, which is partially backed by the government and was created at the height of a banking crisis to cleanse bailed out lenders of their soured property assets, was looking to place a listed real estate vehicle in the market by the end of the year.

These vehicles, dubbed REITs, have become increasingly popular in Spain as the property market begins to recover from a 2008 crash. (Reporting by Sarah White, Editing by Angus Berwick)

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