23 October 2013: Bank of Spain announces end of recession

Luis Linde speaking to the press about his "positivity" in 2013
Luis Linde speaking to the press about his "positivity" in 2013
  • Unemployment figures in Malaga had fallen to 34 per cent between July and September, while the average was just under 25 per cent

On Wednesday 23 October 2013 the Bank of Spain announced that the country's recession, which had begun in 2009, was over.

National GDP growth of 0.1 per cent between July to September 2013 meant a slight increase and enough for the bank to declare the end of the financial crisis, which had crippled the nation for four years.

The Economic Bulletin issued by the Bank of Spain indicated that, compared with the same period in 2012, the GDP had improved on the government's year-on-year forecasts for the third quarter, ending September with a fall of 1.2 per cent, instead of the predicted 1.3 per cent.

The Bank of Spain's director, Luis Linde, said at the time that employment had "moderated its descent", as it had only fallen by 0.1 per cent.

The positive tone continued on Thursday 24 October with updated unemployment figures; the rate in Malaga province had fallen, albeit to a still depressing 34 per cent. In Spain the figure was just under 26 per cent.

According to the EPA (active population survey) results published on 24 October, unemployment in Spain fell by 72,800 in the third quarter of 2013, taking the total down to 5,904,700; a reduction of 1.2 per cent on the previous quarter.

Then finance minister, Luis de Guindos, told King Juan Carlos on the Thursday that the 0.1 per cent was a "first and modest step forward".

When the monarch showed an interest in the economic situation, De Guindos was also able to discuss the latest EPA figures, which revealed that 39,500 jobs had been created in the third quarter of 2013.

The minister pointed out, though, that the end of the recession would not automatically mean the creation of employment but that it could pick up by the middle of 2014 when the GDP growth was greater than 0.7 per cent.

By 2014, Spain was enjoying economic growth and an influx of tourists helped boost the economy and lower unemployment rates.