MADRID Oct 23 Spain's economy expanded slightly
in the July-September period, the Bank of Spain forecast on
Wednesday, with strong exports pulling the country out of a
Spanish gross domestic product grew 0.1 percent in the
second quarter from a quarter earlier, when the economy
contracted by the same degree. GDP shrank 1.2 percent in the
third quarter from a year earlier, the central bank said in its
monthly bulletin, after falling 1.6 percent year on year a
Spain's economy has shrunk, or has been stagnant, every year
since 2008 when a burst housing bubble left millions out of
work, forced a deep financial sector rehaul and left thousands
of companies bankrupt.
"The slight recovery in activity in the third quarter after
the fall a quarter earlier is due to ... a more favourable
contribution from the external sector," the Bank of Spain said
in its monthly bulletin.
The National Statistics agency INE is due to report
preliminary GDP data for the third quarter Oct. 31 followed by a
full breakdown of economic output Nov. 28.