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Spain "out of recession"

Source: Reuters - Sun 14th Jul 2013
Spain 'out of recession'

Spain's economy will grow in the second half of the year but the government must implement reforms and cut the deficit - at the right pace - to keep the recovery going, Economy Minister Luis De Guindos said in an interview published on Sunday.

"The recession is over. The issue now is how strong the recovery is going to be," de Guindos said in the interview in El Pais.

"The recovery is a small flower in a greenhouse that has to be tended to... You tend to it with economic reforms, improving credit in the Spanish economy and reducing the fiscal deficit at the correct pace," he said.

Spain's economy entered recession at the end of 2011. After shrinking 0.5% in Q1 of 2013, the government expects growth in Q2 to have been closer to zero.

The IMF said last month it also expected Spain to return to growth later this year but warned the country still needed to protect its fragile banks and do more to get millions of unemployed back to work.

Comment on this Story

 
The recession is over until the end of the Summer. Same with the unemployment figures, which will rise once again, due to seasonal jobs. I do wonder from the picture what Rajoy is actually referring to ?
Lucinda Castiles - Mon, 15th Jul 2013
Guindos, similar to the two previous Economy Ministers, has a severe attack of the 'Emperor's new clothes'! He is confusing reality with wishful thinking.
Mick Costa Blanca - Mon, 15th Jul 2013
'Out of recession'.!? More like 'Out of touch'..!! These Ministers of Bullshit need to get out more...
David - Mon, 15th Jul 2013
Excuse me if I don't rush out and put my deposit on that speedboat
Simon Pye - Sun, 14th Jul 2013