Arab Today, arab today spanish economy picks up pace in q4
Last Updated : GMT 19:16:08
Arab Today, arab today
Arab Today, arab today

Spanish economy picks up pace in Q4

Arab Today, arab today

Arab Today, arab today Spanish economy picks up pace in Q4

Madrid - AFP

Spain's economy picked up pace in the fourth quarter, official data showed on Thursday, adding to signs that the country is emerging from five years of stop-start recession which destroyed millions of jobs. The Spanish economy expanded by 0.2 percent in the fourth quarter from the third, accelerating from the previous quarter's growth of 0.1 percent, the National Statistics Institute said in a report. The figure were below earlier estimates by the institute and the Bank of Spain that the eurozone's fourth-biggest economy grew by 0.3 in the October-December period. Spain's economy shrank by 1.2 percent over the whole of 2013, its fourth annual contraction in five years, as the country struggled with the aftermath of a decade-long property bubble that burst in 2008. The institute's figures "confirm the start of the recovery of economic activity," the economy ministry said in a statement. Prime Minister Mariano Rajoy said on Tuesday in his state of the nation address that he saw the economy growing by 1.0 percent this year and by 1.5 percent next. The Spanish government's growth forecast in the 2014 budget had been for 0.7 percent, but a boom in exports led it to lift that forecast. Spain's trade deficit fell by almost half in 2013 to 15.9 billion euros ($21.8 billion) as exports hit a record, driven by a push by Spanish firms into new markets outside Europe. Rajoy credited his tough economic reforms and austerity policies with pulling Spain back from the precipice of a full-blown bailout, widely feared in mid-2012. "Spain was seen as a burden for Europe and now it is seen as a motor," he said. Rajoy also reiterated his government's prediction that Spain's battered economy would generate jobs this year. Spain is grappling with an unemployment rate of just over 26 percent, one of the highest rates in Europe, which has caused consumers abd businesses to rein in spending, putting a drag on growth. But domestic demand, which accounts for about two-thirds of Spain's economic output, had a "less negative impact" on gross domestic product (GDP) in the final quarter of 2014, the statistics institute said. It had demand had a negative drag on GDP of 0.6 percentage points compared to 2.5 percentage points in the third quarter. Though avoiding a widely feared economic rescue in mid-2012, Spain's government obtained a 41.3-billion rescue loan from the eurozone to save tottering banks, whose assets had been hammered by plunging property values. Besides slashing spending to rein in Spain's yawning public deficits, the government reformed the labour market in 2012 by cutting dismissal costs and making it easier to change work conditions.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spanish economy picks up pace in q4 Arab Today, arab today spanish economy picks up pace in q4

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spanish economy picks up pace in q4 Arab Today, arab today spanish economy picks up pace in q4

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday