It looks like Spain may finally be turning a corner. After two years in recession, the country has just posted third quarter grown figures of 0.1 percent.
Theoretically the Spanish slump is over, but let’s not get too excited, unemployment is still running at 26 percent and over half of all 25 year olds and under are without jobs, a figure comparable to both Greece and Croatia.
These figures are poor when compared to the rest of Europe, especially Germany and Austria where youth unemployment is under 10 percent.
Another reality check for Spain is that this latest economic growth is only occurring in the export sector, domestic growth is still diminishing, so a strong and sustained recovery may seem unlikely at this point.
To build on this fledgling growth figure, Spain needs to create jobs to reduce its unemployment figures, these workers will then have cash to spend within the economy and will also be paying tax back in to the system.
Traditionally the construction industry has been one of the biggest sources of employment, however there seems to be little prospect of that sector kicking back into life anytime soon.