Spain’s exports have played a central role in lifting the country out of the two year recession. That’s according to data released by Madrid’s Economy Ministry. There was an 8.3 percent increase in September from a year earlier.
The news comes two years to the day Mariano Rajoy became prime minister who is counting on foreign sales to generate 0.7 percent growth next year.
“I want to thank the Spanish people because I know many of them are living through difficult times. We have been forced to make difficult decisions. As well as the ‘thank you’ I want to tell everyone that things are a little better and you can have total and absolute certainty we will overcome this situation,” said Prime Minister Mariano Rajoy.
The country’s exports have been boosted by Spain’s gains in competitiveness and an increase in the number of exporting companies the country’s Trade Ministry said.
Meanwhile national statistics released on Wednesday show the average annual household income fell 3.5 percent from 2011 to its lowest in six years, almost a 3,000 euro drop from its height in 2008.