MADRID - the Spanish economy grew only 0.2% for the second consecutive quarter during the first three months of 2011, as exports helped offset prop economy affected by unemployment in arrow and other woes, the Central Bank said Friday.
The Bank of Spain said that the country is yet to see a "modest recovery" after almost two years of recession.
Compared to the first quarter of 2010, Spanish output was 0.7 per cent, according to estimates.
The figures provided by the Bank are an estimate which are usually followed up to a week or by the National Institute of statistics figures later. The two sets tend to agree.
The Bank says domestic demand has been recovered down slightly so that the increase in GDP in the first quarter came a boost in exports as economic partners of the economy in Spain.
Spain is faced with high unemployment in the eurozone of 21.3%, and the Government says that the figure will not start to go down until the second half of this year. The number of unemployed is a record of $ 4.9 million.
The Ministry of Finance provides the economy to grow by 1.3% in 2011, but the IMF and the Central Bank put the lower figure at 0.8 percent.
In the Friday report, the Spanish Central Bank said household consumption is low unemployment rate, decrease in property values of tightening of credit in the banks and other lenders and rising inflation eroding the purchasing power.
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