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Spain finally out of recession

Spain's economy grew in the third quarter, ending more than two years of recession, the country's National Statistics Institute said.

The economy grew 0.1% in July to September compared with the previous quarter, when it shrank by the same rate, the institute said.

The growth ended nine straight quarterly declines. A recession is defined as two or more quarters of shrinkage.

The institute said that on a year-on-year basis, the economy shrank by 1.2% as dismal domestic spending offset gains in exports.

With unemployment at 26%, the government admits that while the recession may have technically ended it could take years for the country to recover from the economic crisis, which began with a real estate collapse in 2008.

AP

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