Spanish Recession Ends After 0.1 Percent GDP Growth

October 30, 2013 Share Print 0

Spain has seen its first quarterly economic growth since 2011, according to data from the country’s National Statistics agency INE.

The country’s GDP grew 0.1% in the July-to-September period, after contracting for the previous nine quarters.

Its growth confirmed last week’s estimates from the Bank of Spain.

Spain was one of the countries worst hit by the global economic crisis, with street riots and soaring unemployment.

The statistics mean Spain is officially out of recession.

The INE said an increasing number of exports supported the growth, with a boost to the tourist industry from holidaymakers avoiding northern Africa and the Middle East.

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.