In the fourth quarter of 2013, Spain registered an expected 0.3 percent quarter-on-quarter growth while year-on-year growth was recorded at negative 0.1 percent, official estimates released Thursday showed.
Consensus forecasts had predicted a quarterly growth of 0.3 percent while estimates for annual growth had expected there to be no change over the previous reading. In the previous quarter, year-on-year growth was recorded at a negative 1.1 percent while quarterly growth was recorded to be 0.1 percent.
On Tuesday, Spain predicted that its economy would emerge from a five-year-long crisis at a faster rate than initially expected and also expected job growth to pick up in a country burdened by a 26 percent unemployment rate.
"In 2014, the Spanish economy will not only grow -- growth in the order of one percent is expected -- but Spain will also create net jobs," Economy Minister Luis de Guindos told a conference in Brussels, according to Agence France-Presse.
Spain's economy emerged out of a recession with a 0.1 percent growth in the third quarter of 2013.
"Spain is recovering quite nicely, driven by exports and increasingly investment," Christian Schulz, a senior economist at German bank Berenberg, told AFP on Tuesday. "Consumption is showing signs of stabilisation, but will surely remain weak due to high unemployment."
Spain’s Q4 GDP Grows At 0.3% Quarter-On-Quarter As Expected; Annual GDP Growth Slips Back Into Negative Territory
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