Spain close to hitting economic target for 2013

The success of Spain's car industry has been pivotal in the country's recovery

Following a strong third quarter, Spain’s economy will end the year having hit – or got very close to hitting – its 2013 budget target.

Buoyed by a fantastic summer season for tourism and an increasingly impressive industrial sector – in which output rose by 1.4 per cent in September having been predicted to contract – the Spanish government has worked its way through 96 per cent of its debt, reports Reuters…

What’s more, ratings agency Fitch also reported an improved outlook for Spain’s economy this week – an announcement that further boosted investor confidence as demand for bonds in the country’s leading businesses rose.

After a tough few years for Spain’s economy, and boosted by a pledge from the European Central Bank (ECB) to undertake whatever measures were necessary to assist eurozone members, Spain is finally pulling clear from the fiscal gloom.

The country has officially emerged from its second recession in as many years, and appears to be revelling in its new role as a tough, financially sound, export-driven economy.

“All the indicators point to a turnaround, and we’re now entering into growth,” Madrid-based M&G Valores broker Nicolás López told Reuters. “The doubt remains on whether the growth period will be strong or weak, but it’s clear we’re passing from a period of recession to a period of growth.”