MADRID (AFP) - Battered Spain recovered slightly in the first quarter with growth of 0.2 per cent of the economy and has now 'decoupling' of these countries plans to rescue EU and the IMF, the Bank of Spain, said Friday.
He said "during the months of the initiation of 2011, the Spanish economy continued a low rate in the context of the gradual recovery in the global economy, but a free step of the emergence of fresh cause for uncertainty, growth".
"The estimates made in relying on short-term information available indicate that GDP posted an increase of quarter-on-quarter of 0.2 per cent in the first quarter of 2011, unchanged on the previous quarter."
Year after year, "continuous output on the path to the slow recovery seen in previous quarters," with a growth of 0.7%.
The Central Bank has declared expenditure of households "continue to show signs of a weak recovery" and noted "the buoyancy of exports of goods and the significant recovery in tourism".
Spain had now successfully "decoupled of the Group of the countries most affected by the tensions of sovereign debt markets," he said.
"Market perceptions come round in drawing this distinction through, among other reasons, new measures adopted to strengthen the Spanish credit institutions". solvency and the progress made in structural reform, following the approval of the draft law on the reform of pensions. ?
The Spanish economy collapsed in a recession in the second half of 2008, as the global financial crisis aggravated the collapse of the real estate market booming once.
It appeared with the lean early 2010 growth, but the end of the year with a contraction of 0.1%.
Spain, where the economy is the size of the economy, Greek, Irish and Portuguese combined, is now fighting to convince the markets that he should not grouped with the three lame ducks now under the terms of rescue EU and IMF.
The Government adopted reforms to strengthen the balance sheets of banks, to reduce the expenses of the State, to make it easier to hire and fire, to lower the retirement age and sell property.
Prime Minister José Luis Rodriguez Zapatero has promised to bring the annual public deficit below a ceiling had 3.0% of the production in 2013.
The public deficit affected 11.1 per cent of GDP in 2009, the third highest in the eurozone after the Greece and the Ireland, before falling to 9.24 per cent last year.
The economy is also faced with an unemployment rate climbed to 21.29% in the first quarter, the highest in the industrialized world.
The Bank of Spain imposed tighter controls on banks to restore the confidence of nervous markets.
The National Institute of statistics (INE) will release first quarter official growth rates may 13. The Central Bank estimates are usually a good indication of the figures of the Ina.
The Spain Bank in March predicted that the economy will grow by 0.8% in 2011 and 1.5% in 2012, well below the forecast of the Government of 1.3% and 2.3% respectively.
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