Spain exits long and hard recession.

As flagged by Spain's central bank last week, the country exited recession after over two years in Q3, with GDP rising 0.1% on quarter vs -0.1% in Q2. Meanwhile, CPI has risen 0.1% on year this month, putting Spain close to deflation. "Growth seems to be due to the strength of the external sector, which is encouraging," said economist Ben May. "However, domestic demand is still contracting and against that backdrop it's hard to see a strong and sustained recovery."