BARCELONA: Spanish economy recorded a growth of 1.4% in 2014, after shrinking by 1.2% in 2013 due to mass unemployment.
It is the first time there has been full-year economic growth in Spain since 2008 when a labour-intensive property bubble collapsed, pushing millions of people out of work.
Growth accelerated in the fourth quarter to 0.7% from 0.5% in the third quarter, according to provisional figures from the National Statistics Office.
The provisional figures are in line with the Spanish government’s estimate for economic growth in 2014.
The government predicts the Spanish economy, the euro zone’s fourth-largest, will expand by 2% this year.
Economy Minister Luis de Guindos said Monday the economy could grow by as much as 2.5% this year if oil prices and the euro stay low.
The statistics office will publish final gross domestic product figures for 2014 at the end of February when it will outline which sectors posted the strongest growth.
The Spanish economy has benefitted from an improvement in consumer demand and a recovery in the construction sector, the Bank of Spain said in its latest economic bulletin.
Spain has also benefitted from the arrival of a record 65 million visits from foreign tourists last year, which gave its key tourism sector a boost.
Exports were also up by 5.8% during the first 11 months of 2014 compared to the same time the previous year, according to the economy ministry.
The jobless rate slid to 23.7% in 2014, down from 25.7% in the previous year, but remains one of the highest levels in the developed world.
