Change of cycle
The Spanish recession is slowing.
According to the latest figures from the Spanish National Statistics Institute (INE) published on July 30, contraction between April and June was 0.1 per cent of GDP, as opposed to 0.5 per cent in the previous quarter.
Expansión welcomes what it believes to be -
... the first evidence to support the thesis put forward by the government for several weeks now, that the Spanish economy is over the worst, and the end of the recession is approaching, [an] optimistic vision shared by the majority of experts consulted by the newspaper, who nonetheless remain cautious.
In addition to this news, statistics published on the same day by the Spanish treasury, the public spending deficit was 3.81 per cent of GDP (€40bn) in the first half of 2013, a reduction of 8.2 per cent when compared with the previous year. It is a rhythm will have to be sustained if Spain is to remain within the 6.5 per cent deficit target set by the EU for 2013 [which excludes regional governments' and social security deficits, which represent 2.7 per cent of GDP], explains the business daily.
Read this article in Spanish.