Spain's central bank says recession coming to an end

Third quarter saw first growth after 2 years of decline
||Last Updated: 10/23/2013

MADRID (AP) — Spain's central bank says preliminary figures show the country's economy grew in the third quarter, albeit modestly, following a recession that's lasted over two years.

The bank said Wednesday that the economy grew 0.1 per cent July through September compared to the previous quarter, when it shrank an equivalent rate. 

The growth follows nine straight quarterly declines.

Even though unemployment in the country stands at 26.3 per cent and the public finances are still a way from being fixed, the government has recently been heralding the end of the recession, claiming its reforms and austerity measures are paying off.

The bank's figures are an estimate and the first official statistics are expected Oct. 30.

The bank said that on a year-on-year basis, the economy shrank by 1.2 per cent.

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