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- Liva & Laia : 15th November
Spain edged out of recession in the first quarter of the year, according to the Bank of Spain. The Bank says the GDP rose by 0.1% over the first three months of the year, bringing to an end three quarters of recession. The annual rate remained in recession by 1.3%. The Bank notes an improvement in domestic spending in the last two quarters.
The move away from recession was forecast by some experts, but has come a quarter earlier than expectations in Brussels, but the same experts fear that the country will fall back into recession in the third quarter when the IVA/VAT rises come into effect, with the general rate moving from 16% to 18%.
Spain official entered recession in the last quarter of 2008, after having recorded two consecutive quarters with negative numbers.