MADRID — The Spanish economy has rebounded a record quarter-to-quarter 16.7% from July to September, bringing the country out of the technical definition of recession.
Preliminary data released Friday by Spain’s National Statistics Institute showed that domestic demand over the summer was the main driver of the recovery. However, the third quarter growth did not offset the 17.8% GDP loss of the second quarter and the 5.2% loss in the first three months of the year, when the pandemic hit the country.
Output in Spain was down 8.7% in the third quarter compared to the same period a year before.
Nearly all Spaniards are facing a weekend with restrictions on leaving the regions where they live as authorities try to contain a sharp resurgence of reported coronavirus cases but refrain from a full lockdown to try to prevent further economic deterioration.
Although Spain's official tally records 1.1 confirmed COVID-19 cases, the government has acknowledged that the true figure, including missed cases, could be at least three times higher. At least 35,000 people in Spain have died with the virus during the pandemic.