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Spain edges out of two-year recession with 0.1% growth


Spain edges out of two-year recession with 0.1% growth

The first green shoots of recovery in the Spanish economy have been officially confirmed.

According to the National Office of Statistics, Spain has recorded 0.1 percent growth – the economy’s first expansion in nine quarters.

Strong exports have helped Spain edge into positive ground, though with demand at home still depressed, sustainable growth that creates jobs may remain elusive for years.

Compared to labour-heavy sectors such as construction or services, exports create fewer domestic opportunities and with more than one in four out of work, the recovery will ring hollow for many.

Unemployment is still stubbornly high and Madrid hopes the jobless rate has already peaked at 26.3 percent.

It comes after the Eurozone, aided by exports and government spending, came out of recession in the second quarter of this year.


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