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Spain Government proclaims 'start of recovery'

Source: Xinhua - Sat 21st Sep 2013
Spain Government proclaims 'start of recovery'

Spain's trade deficit fell 67.5% in the first 7 months of this year thanks exports which rose to "a new historic high" of 138.58 billion, the Ministry of Economy and Competitiveness announced on Friday (yes, apparently somebody takes responsibility for this).

The country's trade deficit totaled 6.61 billion between January and July, which in annual terms meant that the deficit was down by 13.7 billion from the 20.3 billion recorded in the same period last year.

Exports broke a record high as they increased by 7% in the first 7 months of the year to 138.6 billion, the Ministry said. In particular, exports of equipment increased by 15.8% to 29.2 billion.

However, Imports decreased 3.1% to reach 145.2 billion, with energy products - representing 23.5% of the total - falling by 5.6%.

The Ministry emphasized the increasing role of non-EU markets as the recession-hit country rode a boom in exports.

The Spanish government said Spain would start to grow by the end of 2013, pointing to the exports performances as a sign of recovery.

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