Spain’s Economy Minister Elena Salgado has said that the Spanish economy will start to revive in 2010 and the Gross Domestic Product (GDP) will show quarterly growth throughout next year. However, the government still sees the overall annual contraction to be 0.3 percent in 2010.
Salgado told the Senate that the present economic situation is not the same as it was when this year had begun, and that expectations are high of the quarterly growth being positive as the next year begins. He said that due to the retardation of 2009, the overall year on year growth in 2010 is most likely to be -0.3 percent.
Earlier, Prime Minister Jose Luis Rodriguez Zapatero had said that growth in GDP could begin with this year’s fourth quarter.
The Spanish economy has been receding since the third quarter last year when the global slowdown hit important pillars of growth like domestic demand and construction. The government is expecting a 3.6 percent year on year contraction this year.