Recovery in Spain picks up pace at the end of 2013

The National Statistics Institute (INE) confirmed on the 30 January 2014 earlier estimates by the Bank of Spain and the government that quarterly economic growth accelerated to 0.3% in the last three months of 2013 from 0.1% in the third quarter, when Spain left behind its longest recession since the restoration of democracy.

However, in a report released on the 27 February 2014, the INE confirmed that on an annual basis GDP contracted 1.2% in 2013.

Christine Lagarde, the IMF chief, was criticised in Spain in March 2013 by urging Madrid to keep on shaking up the labour market, raising taxes and deregulating business.

• Primary Source

ESO: Background information: IMF improves growth forecasts for Spain but raises its estimate for unemployment http://www.europeansources.info/record/imf-improves-growth-forecasts-for-spain-but-raises-its-estimate-for-unemployment/

The Local.es, 30.01.14: Spain 'positive' over 2013's faster recovery http://www.thelocal.es/20140130/spain-says-post-recession-recovery-speeds-up-end-2013

Spain: Instituto Nacional de Estasidistica (INE) http://www.ine.es/welcoing.htm

El País, 27.02.14: Spanish economy grew 0.2 percent in last quarter of 2013 http://elpais.com/elpais/2014/02/27/inenglish/1393516456_288873.html

Social Europe Journal, 03.03.14: The Disastrous Labor And Social Reforms In Spain http://www.social-europe.eu/2014/03/social-reforms/

The Guardian, 03.03.14: Christine Lagarde angers Spain with repeat prescription of austerity http://www.theguardian.com/world/2014/mar/03/christine-lagarde-spain-austerity-imf-madrid

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