Published: 9th September 2013
The Spanish economy experienced a positive 0.3% economic growth during the first quarter of 2011, shown by figures recently published in a report by the National Statistics Institute. In addition, the Bank of Spain also announced the growth was one-tenth higher than previously registered for the last quarter of 2010. On a whole business in Spain is growing at a rate two tenths higher than the previous quarter, predominantly due to exports performing exceptionally well. This is a fantastic boost for the Spanish economy, as they house over 30% of the euro zones unemployed and quintessentially rely on exports to speed up the recovery of the Spanish economy as austerity measures still undermine consumer spending after a decade-long credit boom. In a monthly report published by the Banks of Spain last week, they said Spain's economy continued to grow slowly with indeterminacy in an environment with moderate growth. Also, as mentioned previously there is an element of concern over the weakness of domestic demand. It's expected the National Statistics Institute will publish a full report on the 18th May 2011. The Institute expected the Spanish GDP to increase 1.3% for the full year, this is a few tenths above what analysts initially forecast. Data was also available for France and Germany, the French economy grew by 1% and the German economy experienced a 1.5% growth over the last quarter with a 5.2 annual increase.