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Rajoy expects economic growth in Q3

Source: Reuter - Tue 24th Sep 2013
Rajoy expects economic growth in Q3

Spain's economy has expanded between 0.1% - 0.2% between July and end-September compared to the previous quarter, PM Mariano Rajoy said in an interview published on the Wall Street Journal web site on Monday.

Quarterly growth in Q3 marks the end of a 2-year recession, the 2nd since a construction boom ended in 2008. The economy should grow between 0.5% - 1.0% in 2014, Rajoy said.

Spain's GDP contracted 0.1% on a quarterly basis in Q2, though many economists warned any return to growth based almost entirely on exports, while domestic demand remained in a slump, wouldn't hold.

A real recovery would not begin until Spaniards begin spending once again, house prices hit bottom and external debt stabilizes, Rajoy said, though declined to project when the 26.3% unemployment rate would fall on a sustained basis.

"I won't dare to speculate...The improvements will happen little by little," he said.