Spain stuck in recession

Spain's economy shrank further in the third quarter, making it the only large European economy along with Britain to remain in recession.

The Spanish economy shrank 0.4 % between July and September from the previous three months, its sixth straight quarterly decline.

Compared to the same period last year, Spain’s economy contracted by 4.1 %

In the second quarter, Spain, the fifth-largest European economy shrank by 1.1 % on-quarter and by 4.1 % from a year earlier.

The third quarter’s pace of contraction was the slowest since Spain entered into its first recession in 15 years at the end of 2008.

But it is still far below the 0.5 % growth expected for the entire eurozone posted during the period.

Eurozone heavyweights France and Germany both posted surprise growth in the second quarter this year, technically bringing an end to their recessions.

The US also announced yesterday that its economy grew at a seasonally adjusted 3.5 % in third quarter from the previous three months.

This article is supplied by http://www.938live.sg