Spain Exits Recession, Job Losses Ease: Central Bank

Spain escaped from its two-year recession in the third quarter of this year with timid growth as job destruction eased, the country’s central bank said on Wednesday.

After nine straight quarters of contraction in the second trough of a double-dip recession, the euro zone’s fourth-biggest economy grew by 0.1 percent, the Bank of Spain said in a report.

The rate at which jobs were being destroyed in the recession, which has thrown millions out of work and increased poverty, eased to its slowest rate since the start of the crisis in 2008, it added.

“In the third quarter, the Spanish economy extended the gradual improvement that it has been observing since the start of the year,” the bank wrote.

Wednesday’s data came in an economic climate “characterized by a certain easing of financial tensions and improving confidence”.

for more go to: http://www.globalpost.com/dispatch/news/afp/131023/spain-exits-recession-job-losses-ease-central-bank

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