Spain exits recession with Q3 growth

Oct 30, 2013, 5:51 AM EDT

MADRID (AP) — Spain's National Statistics Institute says the nation's economy grew in the third quarter, ending more than two years of recession.

The institute said Wednesday the economy grew 0.1 percent July through September compared to the previous quarter, when it shrank by the same rate.

The growth ended nine straight quarterly declines. A recession is defined as two or more quarters of shrinkage.

The institute said that on a year-on-year basis, the economy shrank by 1.2 percent as dismal domestic spending offset gains in exports.

With unemployment at 26 percent, the government admits that while the recession may have technically ended it could take years for the country to recover from the economic crisis, which began with a real estate collapse in 2008.