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2.4 EUROPE--Spain
2017/11/26
The Spanish economy is still expected to grow, although at a slower pace. With further growth of 2.8% forecast, 2017 will be the fourth consecutive year of recovery for 2017. This growth continues to be based on the power of internal demand and exports, and in the improvement in jobs, which raises disposable income and tax revenues.
 
Spain, Europe’s eighth largest chillers and air-side market, was valued as US$ 157.4 million in 2016 which was 3% larger than the previous year. The resumed large projects and replacement of older systems were the main drivers in 2016.
 
The Spanish chiller market saw a much more modest performance in 2016 than in 2015 and has reached US$ 87.5 million. The overall market growth reached 4% in value and 2% increase in volume compared to the previous year. Replacement and refurbishment projects are behind this recovery to a high extent. The new build segment has shown the first wary signs of recovery and therefore 2016 is showing further growth, albeit at a sluggish rate, motivated by the increase in private investment.
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