The Spanish economy returned to growth in the three months to September, putting an end to a recession that lasted more than two years, ravaged public finances and left one-in-four workers without a job.
According to preliminary data from the Bank of Spain, Spain’s gross domestic product rose 0.1 per cent in the third quarter – a tiny improvement compared with the previous three months but a keenly-awaited shift in the economic trajectory after nine consecutive quarters of declining output.
“The gradual improvement in the Spanish economy seen since the beginning of the year continued, against a backdrop of some easing in financial tensions and improved confidence,” the central bank noted. It added that Spain had once again benefited from strong exports, a trend the bank said could gather further momentum on the back of a continuing decline in unit labour costs.