Statistics body confirms Spain's exit from 2-year recession with Q3 growth

MADRID – Spain’s National Statistics Institute says the economy grew in the third quarter, confirming preliminary estimates that show an end to the two-year recession.

The institute said Wednesday the economy grew 0.1 per cent July through September compared with the previous quarter, when it shrank by the same rate. That was the same estimate made by the central bank last week.

The growth ended nine straight quarterly declines economic activity.

The institute said that on a year-on-year basis, the economy shrank by 1.2 per cent as dismal domestic spending offset gains in exports.

With unemployment at 26 per cent, the government admits that while the recession may have technically ended it could take years for the country to recover from the economic crisis, which began with a real estate collapse in 2008.