THE crisis hit Spanish economy remained in recession in the second quarter but seemed close to a recovery thanks to exports, the Bank of Spain says.
"According to available data, that is still incomplete, we estimate GDP (gross domestic product) fell by 0.1 per cent on a quarterly basis, a yearly drop of 1.8 per cent," the central bank said in a statement on Tuesday.
But the Bank said the contraction had slowed considerably, eased by a boost in demand for Spanish exports which had made a 0.4-per cent contribution to the country's gross domestic product during the quarter.
Spain, the eurozone's fourth-biggest economy, has been sunk in recession since mid-2011 and officially contracted by another 0.5 per cent in the first quarter this year.
But the Spanish government has repeatedly signalled in the past month that the economy is about to get back on track on the wave of resurging exports.
Last week, the government said Spain's trade deficit narrowed sharply in May.
Exports have been a rare bright spot for the Spanish economy which is struggling to recover from a 2008 property crash that has pushed the jobless rate up to a record 27 per cent.
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