Spain's Montoro says 2013 will be the last year of recession

(Source: Reuters)

Spanish finance minister Cristóbal Montoro has said that he believes 2013 will be the last year of Spain's recession, as there are signs that market confidence in the Mediterranean economy is returning. Montoro speculated that inflation would likely be closer to one per cent than two per cent this year.

While Spain may leave a technical recession, a full recovery seems less likely. Any growth at all would be surprising as Spain remains weighed down by high debts and the Eurozone as a whole is expected to contract further this year.