Bank of Spain says country is out of recession and seeing GDP growth for first time in two years
Thursday, October 24, 2013 @ 12:03 PM
SPAIN is finally out of recession – even though the financial crisis continues.
Estimated figures from the Bank of Spain say the country's GDP grew by 0.1 per cent over the summer months.
But it remains at 1.2 per cent below figures for the same period in 2012.
And the growth announced – the first in two years – occurred over the months of July, August and September, when Spain's economy usually shows a dramatic change from the winter due to the influx of tourists.
The Bank of Spain, however, claims this return to growth is the result of an improvement in the export market in the third quarter of 2013 and economists from the consultancy Arcano calls the country an 'export powerhouse'.
Read more at thinkSPAIN.com