After nearly two years of recession in the third quarter of 2013 Spain has began the economic recovery, according to the Central Bank of the country. In the period from July to September, according to the macro-economic indicators, the Spanish economy rose by 0.1 %. These data are released by the Ministry of Economy of Spain at the State Economic Journal in October 2013. “The small growth began earlier this year, surrounded by a more stable financial atmosphere and increase in confidence, which is now manifested in economic terms,” – noted in the State bulletin.
The period of two years was the longest period of economic decline in the history of democracy in Spain.
According to the Government, Spain emerged from a long period of recession that began two years ago and was the second during the time of economic crisis since 2007.
The technical recession is called a type of economic downturn, when the country for a short time has a negative growth of the economy, as happened in the case of Spain in the first and second quarter of 2013. In the third quarter economic growth was registered at 0.1 %, thanks to which Spain formally withdrew from a technical recession.
During the economic crisis, Spain has already entered into recession twice. In the third semester of 2008, the first time in 15 years, the Spanish economy began a gradual decline, and according to official figures came out of it in the first quarter of 2010. But just a year and three months later, Spain again entered a period of economic recession, it is the growth of the economy was negative until the third quarter of 2013, when the Central Bank of Spain published data on the output of a technical recession in Spain.
Some European countries advanced Spain and renewed economic growth in the second quarter of 2013. How, for example, the Czech Republic, Portugal, Ireland, France, Finland and Denmark.
In addition, this year, exports of Spain reached the maximum record levels since the beginning of the register in 1971, and the trade deficit declined by 64.1 %, that had a positive effect on the overall economic situation of the country.