{"id":2703,"date":"2013-04-26T00:41:24","date_gmt":"2013-04-26T00:41:24","guid":{"rendered":"http:\/\/disnaija.com\/nigeria-news\/e-uu-kspanish-economy\/"},"modified":"2013-04-26T00:41:24","modified_gmt":"2013-04-26T00:41:24","slug":"e-uu-kspanish-economy","status":"publish","type":"post","link":"https:\/\/disnaija.com\/e-uu-kspanish-economy\/","title":{"rendered":"E.U\/U.K,Spanish Economy"},"content":{"rendered":"
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\u00a0<\/strong>There were mixed fortunes for Europe\u2019s two big economies on Thursday as new figures indicated that Britain narrowly escaped a third recession while Spanish unemployment climbed to a record high.The U.K economy has avoided falling back into a recession after recording faster-than-expected growth in the first three months of the year.<\/p>\n

The Office for National Statistics said its first estimate for gross domestic product (GDP) showed the economy grew zero point three percent during the first quarter of 2013.<\/p>\n

The Growth in (GDP) means the economy avoided two consecutive quarters of contraction – the definition of a recession.There had been fears the U.K would enter its third recession in five years, a so-called triple-dip recession.<\/p>\n

Economists say the news should give a small psychological boost to consumers and businesses, but the broader picture of the economy remains the same.Meanwhile in Spain, more than six million Spaniards were out of work in the first quarter of this year, raising the jobless rate in the euro zone’s fourth biggest economy to twenty seven point two percent, the highest since records began in the 1970s.<\/p>\n

The huge sums poured into the global financial system by major central banks have eased bond market pressure on Spain, but the cuts Madrid has made in spending to regain investors’ confidence have left it deep in recession.<\/p>\n

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