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Spain's economy grows by 1.4 per cent in 2014, ending negative run as crisis fades

MADRID – Spain’s economy grew by 1.4 per cent in 2014, ending a five-year run of negative or flat figures and providing further evidence that the country is recovering from a crippling double-dip recession.

The National Statistics Institute said Friday that the country’s growth was helped by a 0.7 per cent expansion in the final three months of the year, making for six consecutive quarters of quarter-on-quarter growth.

Spain was hit hard by the global financial crisis and then again Europe’s debt crisis, emerging from two recessions at the end of 2013.

The government predicts the economy could grow as much as 3 per cent in 2015.

The country, however, still has a staggering 23.7 per cent unemployment rate.