Spanish central bank says economy keeps up growth in Q3

Staff Writer
Columbus CEO

MADRID (AP) — The Bank of Spain says strong domestic demand helped the economy grow 0.8 percent in the third quarter, its ninth consecutive quarterly growth figure.

The figure was down slightly on the 1 percent expansion of the previous three-month period, Spain's best rate since before the economic crisis began in 2007.

The bank said Wednesday the year-on-year rate for the third quarter was 3.4 percent.

The government expects the economy to grow 3.3 percent this year.

Spain was battered by the global financial crisis and only emerged from a double-dip recession late 2013. It still has a 22.4 percent unemployment rate, the second highest in the European Union after Greece.

The bank's figures are estimates, while official figures from the National Statistics Institute are due Oct. 30.