2nd Quarter Results Continue Spanish Economic Growth Trend
August 27th, 2010
Spain confirmed its recovery from recession on Thursday with a 0.2 percent growth in the second quarter, as released in official data today.
The figure, which confirmed provisional data issued by the National Statistics Institute (INE) earlier this month, follows growth of 0.1 percent in the first quarter, when Spain emerged from recession.
On a year-on-year basis, Spanish Gross Domestic Product shrank by 0.1 percent, a figure that proved to be better than the INE’s provisional estimate of 0.2 percent.
The second quarter upturn joins other EU countries who are also showing good recovery, for example in Germany and France growth for the April-to-June period was 2.2 percent and 0.6 percent respectively.
Spain’s government predicts the economy will contract by a total of 0.3 percent in 2010 and then expand by 1.3 percent in 2011.
The Bank of Spain is slightly more cautious, expecting a contraction of 0.4 percent this year before a return to growth of 0.8 percent next year.
The figures begin to mark the end of the worst recession experienced in Spain in recent memory, a result of the global financial meltdown and slowdown in the Spanish property market – this quarters growth adds to that seen in the first quarter of this year, when there was a gain of 0.1 percent. AP
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