Spain’s [economy][1] recovered from a recession in the third quarter driven by household spending, investment and exports, preliminary data from the statistical office INE showed Friday.
Gross domestic product surged 16.7 percent sequentially, in contrast to a 17.8 percent fall in the second quarter and the 5.2 percent drop in the first quarter. Economists had forecast only 13.5 percent rise.
Year-on-year, GDP fell 8.7 percent after shrinking 21.5 percent a quarter ago. Economists had forecast an annual decline of 12.2 percent.
All components of GDP provided positive contribution to growth. Household consumption advanced 20.7 percent and government spending grew 1.1 percent on quarter.
Gross fixed capital formation moved up 19.9 percent in the third quarter. Exports and imports grew 34.3 percent and 28.4 percent, respectively.
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