Spain Services Grow For First Time in 2 Years

Spain’s service sector grew in August for the first time since June 2011, a survey showed on Wednesday, in the latest sign the beleaguered economy may emerge from a two-year recession in the third quarter.

Markit’s Purchasing Managers’ Index (PMI) of service companies stood at 50.4 in August, up from 48.5 in July, marking its first rise above the 50 line separating contraction from growth in more than two years.

“Coming on the back of a return to growth of manufacturing output, as highlighted by the manufacturing PMI earlier this week, this rise in services activity reinforces the view that Spain will exit technical recession in the third quarter of 2013,” economist at Markit Andrew Harker said.

via CNBC

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