Spain economy given stable rating
on 01/11/2013 18:34:05
The ratings agency said Spain "has improved its policy track record in 2012-13" and that its balance-of-payments adjustment within the eurozone is proceeding "at a faster pace than expected".
In a statement released today, it said the effort Spain has "made to date should put the economy on a surer footing".
Spain's economy grew in the third quarter, confirming the end of a two-year recession that has nevertheless left the country saddled with a staggering 26% unemployment rate.
The government admits that, while the recession may have technically ended, it could take years for Spain to recover from the economic crisis, which began with a real estate sector collapse in 2008.