"Germany, the Netherlands, Austria, Spain and Italy are now all seeing manufacturing grow at the fastest rates for at least two years, and even Greece saw a marked easing in the rate of manufacturing decline"
- Chris Williamson, chief economist at Markit
Earlier, figures showed that Spain's economy came closer to stabilizing between April and June, however, its slump began three months earlier than initially was thought. Spanish economy contracted 0.1% in the second quarter, posting the smallest drop since the second quarter of 2011, when the economy started to shrink. Even though domestic demand is still weak, Spanish exports are recovering, supporting a view the government would be able to meet its target of 1.3% contraction during this year.
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