Spain economic growth at fastest pace since 2007

Staff Writer
Columbus CEO

MADRID (AP) — Spain's economy grew by a better-than-expected 0.6 percent in the second quarter compared with the previous three months, the fastest rate since 2007 and more evidence of the country's recovery from recession.

In provisional estimates released Wednesday, the National Statistics Institute says the economy grew by 1.2 percent over 12 months, following four consecutive quarters of expansion.

The April-June growth figure was better than the 0.5 percent rate predicted by the Bank of Spain this month.

It is Spain's best quarterly growth figure since the final three-month period of 2007, when the economy grew by 0.7 percent.

Spain fell into the first of two severe recessions in the second half of 2008 after its real estate sector collapsed. It emerged from the second slump in late 2013.