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The Spanish economy probably grew 0.7 percent in the second quarter as increased employment and favorable financing conditions supported consumption, the Bank of Spain said.

Most recent reports continue to signal “robust growth” even as business investment seems to slow, the central bank said in its monthly economic bulletin published Tuesday. Retail sales rose 2.3 percent in May from a year earlier, the National Statistics Institute said in a separate release.

So far, the Spanish economy has shrugged off political uncertainty, growing for 12 quarters in a row. It expanded at a rate of 0.8 percent in each of the previous three quarters. Even so, the Bank of Spain sees growth slowing to 2.7 percent this year and 2.3 percent in 2017, from 3.2 percent in 2015.

Rajoy said last week he expected growth would top 3 percent this year. The National Statistics Institute is set to publish data for second-quarter gross domestic product at the end of July.

Read more: Bloomberg