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 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 3Vatican rocked by another paedophilia scandal | euronews, world news
- 4Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 5Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 6Sweden becomes first European nation to recognise Palestine | euronews, world news
- 7European Union News | euronews: latest breaking news and headlines about European Union
- 8How nasheeds became the soundtrack of jihad | euronews, world news
- 9International tv news | euronews: European and International tv news bulletin
- 10Ebola: Six new suspected cases in Spain | euronews, world news
- 11All you need to know about the Ebola virus | euronews, world news
- 12Learning through “serious games” | euronews, learning world
- 13Iceland volcano ‘pollutes Paris’ | euronews, world news
- 14US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 15What to expect in “The World of Ice and Fire,” George R.R. Martin’s new book | euronews, world news
- 16International breaking news | euronews online world breaking news in video
- 17US delivers technical aid to Ukraine but warns over security | euronews, world news
- 18euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 19Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news
- 20Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
Wires > Business
- 06:42 CET Panasonic says to transfer Sanyo TV unit in U.S. to Funai Electric
- 04:20 CET ECB faces test of its own as Europe braces for landmark banking…
- 18:35 CET Areva-Siemens raises claim to $4.4 billion over Finnish reactor…
- 17:14 CET Deutsche Bank lawyer found dead in New York
- 11:02 CET Russian government approves law to clamp down on offshore tax…
- 11:00 CET Greybull Capital buys UK’s Monarch
- 10:31 CET Deutsche Bank lawyer found dead in apparent NY suicide – WSJ
- 09:11 CET Areva-Siemens raises claim to $4.4 billion over Finnish reactor…