September ended with a fall of 1.2% instead of the predicted 1.3%.
2012 1st quarter. -0.4%.
2012 2nd quarter. -0.5%.
2012 3rd quarter. -0.4%.
2012 4th quarter. -0.8%.
2013 1st quarter. -0.4%.
2013 2nd quarter. -0.1%.
2013 3rd quarter. +0.1%.
The Bank of Spain has declared the recession over, after announcing a slight increase (0.1 per cent) in the country’s GDP for the third quarter of 2013 (July to September).
The latest Economic Bulletin issued by the Bank of Spain indicates that, compared with the same period of 2012, the GDP has improved on the government’s year-on-year forecasts for the third quarter, ending September with a fall of 1.2% instead of the predicted 1.3%.
The Bank of Spain’s director Luis Linde said on Wednesday that employment had “moderated its descent”, as it had only fallen by 0.1% between July and September.
This comes after a controversial statement made by Treasury Minister Cristóbal Montoro, who maintained that salaries were not falling in Spain, but their growth was more moderate. Now the Bank of Spain has admitted that salaries are falling (compared to increases in the euro zone).
Linde stressed that the adaptation of salaries to the cyclical situation of the job market “is of vital importance if the incipient recovery is to lead intensively to the creation of employment.”
According to the EPA (active population survey) results published on Thursday, unemployment in Spain fell by 72,800 in the third quarter of 2013, taking the total down to 5,904,700, that is, a reduction of 1.2% on the previous quarter.
The unemployment rate in Spain is now 25.98%, according to the EPA, the survey used when comparing employment figures internationally.
The Finance Minister, Luis de Guindos, told King JuanCarlos on Thursday that the 0.1% was a “first and modest step forward”.
After the monarch showed an interest in the economic situation, De Guindos was also able to discuss the latest EPA figures, which reveal than 39,500 jobs were created in the third quarter.
The minister pointed out, though, that the end of the recession would not automatically mean the creation of employment but that could pick up by the middle of next year when the GDP growth is greater than 0.7%.