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:
- 1Air France strike is latest turbulence among Europe’s airlines
- 2Taxi battle: traditional cabbies take on car-sharing service Uber
- 3Hungary’s healthfood king takes his sugarfree, low carb company public
- 4Gold slides as Fed indications push dollar higher
- 5Irish economy continues to perk up, year-on-year GDP growth hits 7.7%
- 1Podemos: Spanish indignation in Brussels’ corridors of power | euronews, reporter
- 2Israel announces it will seize 400 acres in West Bank | euronews, world news
- 3Watch: Angry mob throw Ukraine MP into rubbish bin | euronews, world news
- 4Japan sounds bluefin warning, calls for 50% catch cut | euronews, world news
- 5Hoverbike on the horizon | euronews, hi-tech
- 6China executes eight Muslims convicted of terrorism | euronews, world news
- 7New car offers freedom for disabled drivers | euronews, hi-tech
- 83D printing: a driving force in design and engineering | euronews, hi-tech
- 9Ukraine accuses Russian aid convoy of stealing factory equipment | euronews, world news
- 10Rise of the machines | euronews, futuris
- 11Young Yazidi girl escapes Islamic State kidnappers | euronews, world news
- 12#ن: How an Arabic letter was reclaimed to support Iraq’s persecuted Christians | euronews, world news
- 13EU leaders name Donald Tusk European Council president | euronews, world news
- 14The business benefits of EU chemical regulation | euronews, business planet
- 15#Indyref Live: Scotland votes on independence from UK | euronews, world news
- 16Risk of fresh ash cloud threatens European air travel | euronews, world news
- 17Canada sends hilarious barb to Russia over Ukraine ‘incursions’ | euronews, world news
- 18Thousands of Catalans call for choice on split from Spain | euronews, world news
- 19Iceland puts on a show as two of its volcanoes spew out lava | euronews, world news
- 20Marine Le Pen criticises France’s decision to halt Mistral warship sale to Russia | euronews, world news
Wires > Business
- 19:58 CET ESM’s chief says EU, IMF in no mood for a Greek debt haircut
- 15:15 CET EU mulls tapping unused rescue funds to boost investment – paper
- 14:50 CET Air France pilots extend strike until Sept. 26
- 12:50 CET Air France pilots vote to extend strike until Sept. 26
- 12:37 CET As G20 chases growth goal, members differ on how to get there
- 08:22 CET Exclusive – Hyundai directors kept in dark on size of $10 billion…
- 07:10 CET As G20 chases growth goal, members differ on how to get there
- 02:47 CET California bill would help protect franchisee business investments