National Institute of Statistics (NIS – INE in Spanish) published official data on economic growth of Spain for the third quarter of 2014, in which the country's GDP grew by 0.5%. With an average annual comparison, the Spanish economy in the second quarter increased by 1.6% compared with 1.3% in the first quarter, as was confirmed by NIS.
The Spanish economy grew in the third quarter at 0.5%, one tenth less than in the previous quarter, according to data provided by the National Statistics Institute (INE), confirming the figures, which were published previously by the Bank of Spain last week.
Thus, NIS confirmed already announced by the Bank of Spain data about the development of Spain's GDP. In particular, the head of the National Statistics Institute (NIS) said that during the third quarter of 2014, “the trend of economic recovery, which began to emerge in the last year, continued,” and is also supported by the gradual normalization of financing conditions, strengthening the level of “relatively safe” trust and “favorable development of the labor market. “
The presented data are the first estimates of the NIS of the indicators for GDP, calculated on the basis of fiscal year 2010 and in accordance with the new mandatory standard methodology of the European Union, which includes spending on technology and development (I + D), military expenses, and also includes an indicative income from illegal activities (or shadow economy).
National Institute of Statistics also released the updated statistics, in accordance with the methodological changes, of quarterly GDP growth in Spain, starting from the first quarter of 2011, according to which the recession of the Spanish economy was more serious and substantial than originally anticipated, particularly in 2012 and 2011.
Nevertheless, Spain's Economy Minister Luis de Guindos said last week that Spain's economy will grow now “with the cruising speed of 2%” annually. The minister said also that Spain is currently making a huge contribution to the economy of the European Union.
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