Spain ‘on the road to economic recovery’

According to the latest bulletin published by the Bank of Spain on the state of the Spanish economy there are signs that Spain’s economy is improving following a difficult year.

The bulletin suggests that the negative results registered between July and September 2010 are a thing of the past. The latest results indicate that during the last quarter of this year the Spanish economy has started to grow, albeit at a slow rate and despite the fact that private consumption is still showing a ‘less favorable’ evolution.

The Spanish economy closed the third quarter of 2010 with a 0.0% rate of growth in GDP. However the results for the last quarter of 2010 look likely to be more positive.

In addition to a reduction of the budget deficit exports are going up as well as an increase in the figures for imports following a fall of 1.6% up to September 2010. Results now show that imports have increased by 2.8% in the last quarter of this year. Exports have also increased by 11%.

The Bank of Spain also highlights the fact that although unemployment continued to rise during the last quarter of 2010 the budget deficit has gone down by 47%.