Spain's private consumption helps to boost economy

Spain's private consumption increased by 0.4 percent in the third quarter of the year, helping boost Spanish economy that grew by 0.1 percent between July and September, the National Institute of Statistics (INE) reported on Thursday. The INE reported that household's consumption increased by 0.4 percent in the third quarter when compared with the second one after five consecutive three-month periods of falls, which helped Spain to leave economic recession behind. According to the INE, employment decreased by 3.2 percent in the third quarter when compared with the second one, which meant 522,000 jobs less in a year. This decrease affected all sectors, especially the industry sector, although slightly less in the case of the services and construction sector. Public expenditure and investment also contributed positively to the country's economic growth in the third quarter. Public expenditure increased by 0.1 percent in the third quarter. The Spanish Secretary of State for Economy Fernando Jimenez-Latorre said on Thursday that this new data meant that the process of Spain's economic recovering had started.