Spanish encouraged by slowdown in decline

Ministers and officials in Spain have been encouraged by the slowdown in the rate of economic decline in the country.

While Spain is still in recession, the level of contraction in the three-month period to September was smaller than in the previous quarter and the country's Statistics Office said this was due to "a less negative contribution of domestic demand and a positive contribution of exterior demand", Kyero.com reports.

The portal also noted that economy minister Elena Salgado has declared herself "satisfied" by the figures, going on to predict that they will be better in the next quarter.

Such a situation could help improve the Spanish rental property market, which Kyero recently argued has now reached its bottom.

Spain's gross domestic product was down 0.6 per cent in the third quarter, compared with a 1.1 per cent drop in the prior three months.

The Eurostat figures last week for the European Union as a whole showed that the 27-member bloc is now out of recession with 0.2 per cent growth in the three months to September, despite some individual nations being yet to recover.

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