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Reporting on statistics published by the Bank of Spain on October 22, La Vanguardia announcesthat the country, whose GDP increased by 0.1 per cent in the third quarter of 2013, is technically no longer in recession.
According to the daily the recession, which lasted for nine consecutive quarters, "was the second since the onset of the crisis and the most prolonged in Spain's democratic history."
The newspaper continues —
Increased competitiveness prompted by labour market reforms and a curb on wage costs made a decisive difference, as did the intiative of companies to revitalise exports.
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