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Spain creeps out of recession


Spain creeps out of recession


New figures show that Spain emerged from recession in the first quarter of this year, but only just.

The Bank of Spain has calculated that gross domestic product rose by 0.1 percent from the last quarter of 2009 thanks to improving global demand.

But the Spanish economy is 1.3 percent smaller than a year earlier and analysts warned that after more than a year and a half of no growth the pace of recovery will remain slow.

Unemployment at 20 percent of the workforce is hitting demand and remains a major drain on government finances.

The Bank of Spain did say that housing sales did stabilise between January and March as homebuyers took advantage of low interest rates.

The news made Madrid the best performing stock market in Europe on Friday.

Spanish bank shares regained ground lost over the previous few days.

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