Spain’s economy had another solid quarter between April and June, with a 1% growth spurt, according to figures just released.
That’s bang on what analysts were expecting, and it means the economy has grown 3.1% since the same period last year.
3.1% growth may not seem like all that much, but in the context of the eurozone, that’s pretty rapid. It’s what’s made Spain, a former crisis country where unemployment is still eye-wateringly high, Europe’s star performer.
The current rate is better even than the United Kingdom’s.
Unlike other countries in southern Europe, Spain is credited with bringing in a solid reform programme, especially in liberalising its labour market.
But that’s not the only cause of the country’s revival — French investment bank Natixis has pointed out how much of the eurozone’s recent (but modest) growth spurt is down to the effect of oil prices and the weaker euro.
In fact, the bank’s analysts say Italy would still be in recession, France would still be stagnant and even Germany would barely have grown at all without those dual stimulants.