Spanish economy shows more signs of recovery

Spain's economy is showing more signs of emerging from recession, the country's economy minister said on Monday. Fourth-quarter results showed a 0.3 per cent upturn compared to the previous quarter, Economy Minister Luis de Guindos told the Spanish parliament. The news comes after the recession-stricken country returned to growth in the third quarter of 2013, when the economy grew by 0.1 per cent. "Recovery is weak, but we are recovering," dpa quoted the minister as saying. The country's high unemployment rate - the highest in the European Union after Greece - dropped more rapidly than expected at the end of 2014, when it fell to 25 per cent. The government had expected a figure closer to 25.9 per cent. De Guidos also assured the Spanish parliament that the country would achieve its deficit-reduction target - at 5.9 per cent of gross domestic product - agreed with the European Commission in 2013.