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%.