MADRID – The recovery in the Spanish economy appears to be gathering steam.
Figures Thursday from the Bank of Spain show that economic growth doubled in the first quarter to a quarterly rate of 0.4 percent from the previous three-month period largely on the back of a pick-up in domestic demand.
Overall for 2014, the bank is estimating growth of 1.2 percent.
Year-on-year, the Spanish economy grew by 0.5 percent, ending nine quarters of negative figures.
Spain, which has a 26 percent unemployment rate, emerged from a double-dip recession in the third quarter of 2013.
The figures are provisional with official figures to be released April 30.