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Latino Daily News

Thursday October 31, 2013

Spain’s GDP Sees Growth as Economy Emerges From Recession

Spain emerged from the recession in the third quarter of this year, with the gross domestic product growing 0.10 percent, the National Statistics Institute, or INE, said Wednesday.

The GDP number from the INE matches the estimate released last week by the Bank of Spain.

GDP still contracted 1.2 percent on a year-on-year basis, but the pace of contraction has decelerated.

Consumer spending was negative in the third quarter, but it was partially offset by the solid performance of the export sector, the INE said.

GDP growth between July and September was the fruit of a more buoyant export sector, which contributed 0.40 percentage points to third-quarter growth, while a decline in domestic demand shaved off 0.30 points, the Bank of Spain said in its estimate.

Spain ended a streak of nine consecutive quarters of contraction in the third quarter.

The export sector benefited from improved competitiveness and better performance by the euro zone, the main destination of Spanish exports, the central bank said.

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