The Bank of Spain estimates that GDP fell 1.2 % during the year

Question

The Bank of Spain estimates the Spanish economy grew 0.3 % in the fourth quarter of 2013, which coincides with the figure forward a few days ago the Minister of Economy, Luis de Guindos. Throughout the year, the balance of GDP is a decline of 1.2 %, one tenth lower than expected, as also advanced the department last week. The Bank of Spain links this rate "largely " with " drag effect " arising from the sharp decline in activity at the end of 2012.

The GDP data for the fourth quarter, exceeding two tenths advancing the previous quarter when Spain left behind the longest recession of democracy, will have to be confirmed on the 30th by the National Statistics Institute (INE). With respect to the fourth quarter of 2012, the supervisor says that the growth rate was zero.

In his last Budget, Bulletin for January, the central bank noted that throughout 2013 the Spanish economy continued a path of " gradual improvement " which allowed him to leave the contraction phase in which it had fallen in early 2011. It was, he adds, in an environment of financial stress relief and improving labor market.