Spain’s economy has recorded the strongest growth since 2007, before the global financial crisis plunged the country into recession.
Economic growth was 1% in the second quarter of the year, up from 0.9% in the first quarter, reaffirming the strength of Spain’s recovery, and underlining the divide with more troubled eurozone economies such as Greece.
Spain’s centre-right government expects the economy to grow by 3.3% this year, although unemployment remains a huge problem with more than 5 million people out of work, an unemployment rate of 22.4%.
While the the number of jobless is staring to fall, many jobs are temporary and badly paid. The government expects the unemployment rate to fall back below 10% within the next three years.
Economy minister Luis de Guindos said in a radio interview: “We’re starting to see the light at the end of the tunnel. We are now able to return to pre-crisis income levels.”
Spain expects a record tourist season this summer, which should help growth in coming months. Inflation is now non-existent, with the latest reading at zero this month, down from 0.1% in June.
via The Guardian