Spain shows fastest growth in six years - central bank

24th April 2014, Comments 0 comments

Spain's economy grew at the fastest pace in six years in the first quarter of 2014 as it pulled its way out of a long, job-destroying downturn, the central bank said in a preliminary estimate Thursday.

The eurozone's fourth-largest economy expanded by 0.4 percent on a quarterly basis, the Bank of Spain said in a monthly report, citing available but as yet incomplete data for the period.

It was the sharpest quarterly growth rate since the first quarter of 2008 when a decade-long property bubble imploded, tipping the nation into a recession that wiped out millions of jobs and flooded the nation in debt.

"In the first quarter of 2014, the Spanish economy continued on a path of gradual recovery in the a context of increasing normalisation on the financial markets and a gradual consolidation of the labour market," the central bank said.

On an annual basis, the Spanish economy grew 0.5 percent in the first quarter, the bank estimated, the first year-on-year expansion in more than two years.


© 2014 AFP

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