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| Version 1 | Version 2 |
|---|---|
| Spain out of recession, central bank says | Spain out of recession, central bank says |
| (35 minutes later) | |
| Spain's economy has emerged from recession after growing for the first time in more than two years, according to estimates from the Bank of Spain. | Spain's economy has emerged from recession after growing for the first time in more than two years, according to estimates from the Bank of Spain. |
| Spain's gross domestic product (GDP) grew by 0.1% between July and September, the bank said. | Spain's gross domestic product (GDP) grew by 0.1% between July and September, the bank said. |
| However, GDP was still 1.2% lower in the quarter compared with the same period last year. | However, GDP was still 1.2% lower in the quarter compared with the same period last year. |
| Spain's economy has been struggling ever since the credit crisis struck in 2008. | Spain's economy has been struggling ever since the credit crisis struck in 2008. |
| The bank's figures are an estimate, and the country's National Statistics agency INE is due to release preliminary third quarter GDP data on 31 October. | The bank's figures are an estimate, and the country's National Statistics agency INE is due to release preliminary third quarter GDP data on 31 October. |
| Export growth | Export growth |
| The Bank of Spain said the country's economy had been helped by stronger exports in the past quarter. | The Bank of Spain said the country's economy had been helped by stronger exports in the past quarter. |
| "The slight recovery in activity in the third quarter after the fall a quarter earlier is due to... a more favourable contribution from the external sector," it said in its monthly bulletin. | "The slight recovery in activity in the third quarter after the fall a quarter earlier is due to... a more favourable contribution from the external sector," it said in its monthly bulletin. |
| Spain has been one of the countries worst hit by the fallout from the credit crisis. | Spain has been one of the countries worst hit by the fallout from the credit crisis. |
| The crisis burst the country's housing bubble, and its banks needed government bailouts to survive after being left holding hundreds of billions of euros in bad debts. | The crisis burst the country's housing bubble, and its banks needed government bailouts to survive after being left holding hundreds of billions of euros in bad debts. |
| Its unemployment rate of more than 26% is one of the highest in Europe. | Its unemployment rate of more than 26% is one of the highest in Europe. |
| Government austerity measures aimed at cutting Spain's large deficit prompted huge protests across the country last year. | Government austerity measures aimed at cutting Spain's large deficit prompted huge protests across the country last year. |
| However, the government recently claimed that the end of the recession was near, saying reforms and austerity measures were paying off. | However, the government recently claimed that the end of the recession was near, saying reforms and austerity measures were paying off. |
| Ignacio del Torre, economist at financial advisory firm Arcano, said: "After recently implemented reforms, Spain has become an export powerhouse. | |
| "It will fully leave the recession behind in 2014 with private investment and consumption growth turning positive after three years of decline and credit levels stabilising," he added. |