Spain's recession will be less severe this year than had been expected, Economy Minister Luis de Guindos said Monday, estimating that the economy would contract by 1.3 or 1.4 percent.
The government had earlier said it expected a contraction of 1.5 percent.
But the fourth quarter of this year will be the worst since the crisis began five years ago, de Guindos warned in an interview with Spanish National Radio.
Despite the recession and the "dramatic" unemployment rate of 25 percent, de Guindos saw signs that Spain "could be leaving the worst of the crisis behind," such as an upsurge in exports and the banking sector reforms carried out by the government.
The economy is expected to begin growing again in 2014.
Most Popular Stories
- Cantwell Targets Gender Gap in Small-Business Loans
- Americans Still Pessimistic Despite Economic Growth
- Parra Joins Exclusive Club of Hispanic CEOs
- Axxis Solutions Appoints Benites as CEO
- Apple to Unveil New Items on Sept. 9
- Pending Home Sales in U.S. Rise in Hopeful Sign
- Visual Search Sounds Cool, Remains Elusive
- Texans Look for Perry-Cruz Showdown in 2016
- Josh Gordon Loses Appeal, Out for Season
- Chrysler Gets Nod as a Top Employer for Hispanic Women