Spain records positive GDP growth in Q3

Spain’s economy grew 0.1 per cent in the third quarter of 2013, the first positive movement in GDP growth since the first three months of 2011.

Figures from the National Institute of Statistics confirmed estimates issued by the Bank of Spain last week that the country is finally coming out of recession.

The 0.1 per cent growth follows nine consecutive quarters of decline for the Spanish economy, although the decline has been gradually improving with a contraction of just 0.1 per cent recorded in the second quarter of 2013.

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Year-on-year growth, however, remains negative with a third quarter decline of 1.2 per cent, which the National Institute of Statistics attributes to: “A negative contribution in the domestic demand.”