Belfast Telegraph

Home News World

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.



From Belfast Telegraph