Spain finally out of recession
on 30/10/2013 09:58:26
The economy grew 0.1% in July to September compared with the previous quarter, when it shrank by the same rate, the institute said.
The growth ended nine straight quarterly declines. A recession is defined as two or more quarters of shrinkage.
The institute said that on a year-on-year basis, the economy shrank by 1.2% as dismal domestic spending offset gains in exports.
With unemployment at 26%, the government admits that while the recession may have technically ended it could take years for the country to recover from the economic crisis, which began with a real estate collapse in 2008.