Euro zone’s fourth largest economy, Spain, sank deeper into recession in the first three months of the year, but the executive director of the currency bloc’s largest bank, sees green shoots appearing in the economy from the next quarter.
“[In the] second quarter of 2013, we will see the bottoming of GDP [gross domestic product] growth – and later in this year – third or fourth quarter – we will start seeing positive consumer demand,” Juan Rodriguez Inciarte, executive director of Santander, who was on a visit to Tokyo on Friday to promote Spain as an investment destination, told CNBC.
Market watchers expect the country to show positive growth rates by the final quarter of the year, as consumption and exports recover.
The economy contracted 0.5 percent in the first quarter – compared to the previous three-month period – the seventh straight quarter of economic decline, highlighting the economic malaise seen across the region.
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