Spanish economy grew 0.2% in quarter: Bank of Spain

6th May 2011, Comments 0 comments

Spain's battered economy recovered slightly in the first quarter of the year with growth of 0.2 percent, the Bank of Spain said on Friday.

"In the opening months of 2011, the Spanish economy continued growing at a weak rate against the background of the progressive recovery in the world economy, but one not free from the emergence of fresh causes for uncertainty," it said.

"The estimates made drawing on the conjunctural information available suggest that GDP posted a quarter-on-quarter increase of 0.2 percent in the first quarter of 2011, unchanged on the previous quarter."

The Spanish economy slumped into recession during the second half of 2008 as the global financial meltdown compounded the collapse of the once-booming property market.

It emerged with meagre growth in early 2010, but ended the year with a contraction of 0.1 percent.

© 2011 AFP

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