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Major improvement in Spanish economy

spanishfactoryMany are hoping the green shoots will continue in Spain which has posted its first full year of economic expansion since the financial meltdown.

The eurozone’s fourth largest economy grew by 1.4% in 2014, according to initial data from the National Statistics Office, with expansion recorded for six quarters in a row.

This was Spain’s best performance since 2008 when the country tripped into a recession whose deep bite lasted five long years.

Annual inflation of -1.5% in January helped reduce prices which punched up consumer spending. Falling oil prices are expected to further help, at least in the short-term as economists continue to warn that prolonged deflation could curtail spending by keeping wages low and eventually adding to the country’s outrageous unemployment problem.

With more than 23% out of work overall and 51% of all of its young people, the country struggles with the second highest rate after Greece.

The left-leaning Podemos party stands against the deep cuts in public spending and the austerity measures imposed on the country. Over the weekend, tens of thousands of supporters marched in Madrid.

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