Central bank says Spain recession has likely ended

Spain's central bank says country's recession likely came to an end in Q3

Associated Press

MADRID (AP) -- Spain's central bank says preliminary figures show the country's economy grew in the third quarter, albeit modestly, following a recession that's lasted over two years.

The bank said Wednesday that the economy grew 0.1 percent July through September compared to the previous quarter, when it shrank an equivalent rate. The growth follows nine straight quarterly declines.

Even though unemployment in the country stands at 26.3 percent and the public finances are still a way from being fixed, the government has recently been heralding the end of the recession, claiming its reforms and austerity measures are paying off.

The bank's figures are an estimate and the first official statistics are expected Oct. 30.

The bank said that on a year-on-year basis, the economy shrank by 1.2 percent.

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