The International Monetary Fund (IMF) released its gross domestic product (GDP) forecasts for Spain on Monday. The IMF expects the Spanish economy to expand at 3.1% this year and 2.5% in 2016.

According to the IMF, Spain should implement additional reforms to reduce the unemployment.

The IMF noted that the Spanish economy was supported by lower energy prices, a weaker euro and quantitative easing by the European Central Bank.

Spain should continue to lower private debt and budget deficits, the IMF noted.