Log in
Please enter your login details

Skip to main content

Breaking News
  • Russian Foreign Minister Lavrov says Vienna talks on Iran’s nuclear programme made “considerable progress” but not arrived at final agreement (Reuters)
  • British Foreign Secretary Hammond says Iran nuclear talks with six powers extended through end of June (Reuters)
  • Britain faces biggest threat to its security from terrorist at any time before or since September 11 2001 attacks on United States, according to Home Secretary Theresa May (Reuters)

Spain’s economy may have turned the corner.

The latest estimate by the central bank shows the country came out of a two-year long recession in the third quarter of the year.

With stronger exports making up for declining domestic demand GDP grew by 0.1 percent from the second quarter. That was the first expansion in nine quarters.

Amid tough austerity measures and structural reforms, Spain’s economy has shrunk by 7.5 percent since the start of 2008.

The property market collapse then left millions out of work, forced a deep financial sector overhaul and mean thousands of companies went bankrupt.

But over the same period, the export sector has grown by 14.6 percent.

It now accounts for over a third of total output compared to around a fifth five years ago.

Spain’s stubbornly high unemployment rate may also have peaked.

The budget minister said this week the economy is close to generating enough growth to create jobs.

Third quarter unemployment data is due on Thursday, with analysts polled by Reuters expecting the rate to have fallen to 26.1 percent from 26.3 percent at the end of June.

Copyright © 2014 euronews

More about: