Latest offial figures released today by the National Institute of Statistics (INE) have confirmed that the Spanish economy stagnated on a quarterly basis between July and September.

However, according to the data released today, Spanish GDP continued to show a growth rate after two years of decline, advancing 0.2% over the third quarter of 2009.

INE said that stagnation in the third quarter is due to a lower contribution from domestic demand in previous quarters.

These figures confirm the estimate made last Friday by the Bank of Spain in its latest economic bulletin.

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