Further evidence of Spanish recovery emerges as central bank says economy grew 0.4 pct in Q1

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MADRID – The recovery in the Spanish economy appears to be gathering steam.

Figures Thursday from the Bank of Spain show that economic growth doubled in the first quarter to a quarterly rate of 0.4 per cent from the previous three-month period largely on the back of a pick-up in domestic demand.

Overall for 2014, the bank is estimating growth of 1.2 per cent.

Year-on-year, the Spanish economy grew by 0.5 per cent, ending nine quarters of negative figures.

Spain, which has a 26 per cent unemployment rate, emerged from a double-dip recession in the third quarter of 2013.

The figures are provisional with official figures to be released April 30.

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