Spain – On the Road to Growth

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Spanish GDP grew by 0.1 % in the third quarter (0.4 % at annual rate) according to the Bank of Spain advanced estimate. This is the first bounce, even modest, of the Spanish economy after eight quarters of contraction in its economic activity. Over a year, however this latter continues to shrink at the rate of -1.2 %. The carryover growth is -1.3 % for 2013 to the end of the third quarter (average growth for 2013 if the GDP level remains at Q3 level in Q4).

Spanish economic profile remains fragile. The second graph shows a rupture since 2008 and the difference with the pre-crisis trend is impressive. The third quarter figure just implies GDP stabilization at a low-level but it’s an important first step.

Spain-2013-Q3-GDP Continue reading