The Spanish economy returned to growth in the three months to September, putting an end to a recession that lasted more than two years, ravaged public finances and left one-in-four workers without a job.

在截至9月份的三个月中，西班牙经济恢复增长，走出了持续两年多、重创公共财政并导致四分之一劳动力失业的衰退局面。

According to preliminary data from the Bank of Spain, Spain’s gross domestic product rose 0.1 per cent in the third quarter – a tiny improvement compared with the previous three months but a keenly-awaited shift in the economic trajectory after nine consecutive quarters of declining output.

西班牙央行(Bank of Spain)初步统计数据显示，西班牙国内生产总值(GDP)三季度增长0.1%，较之前三个月微幅上升，但这代表了西班牙经济运行轨迹终于出现了人们期待已久的逆转。此前该国经济产出连续9个季度下滑。

“The gradual improvement in the Spanish economy seen since the beginning of the year continued, against a backdrop of some easing in financial tensions and improved confidence,” the central bank noted. It added that Spain had once again benefited from strong exports, a trend the bank said could gather further momentum on the back of a continuing decline in unit labour costs.

西班牙央行提到：“在金融紧张缓解、信心增强的背景下，西班牙经济持续了年初以来的逐步好转势头。”它补充道，西班牙再次得益于强劲的出口表现。央行表示，随着单位劳动成本力继续下降，出口势头有望进一步增强。

In a further sign that the gradual recovery is spreading to other segments of the economy, the Bank of Spain projected “a small increase in household consumption” for the third quarter. It cautioned, however, that “the still-unfavourable labour market outlook and high household debt do not augur an appreciable recovery in consumption in the short run”.

西班牙央行预测三季度“家庭消费小幅增长”，这进一步表明逐步复苏正在扩展到经济的其他部门。但它警告称，“仍然不利的劳动力市场前景和高昂的家庭负债预示着，消费不会在短期内显著复苏。”

Analysts welcomed the news but also cautioned that Spain was still far from producing the kind of growth that would alleviate the country’s deep unemployment problem. “The worst may be over but we are still in pretty bad shape. It does not look like we will have the kind of growth that is needed to generate jobs soon,” said Antonio Cabrales, a professor of economics at University College London.

分析师对此消息表示欢迎，但同时告诫称，西班牙还远远达不到足以减轻该国严重失业问题的增长率。“最糟糕的局面可能已经过去，但西班牙的情况仍然不容乐观，看上去短期内无法实现足以增加就业的增长率，”伦敦大学学院(UCL)经济学教授安东尼奥•卡夫拉莱斯(Antonio Cabrales)表示。

Federico Steinberg, an economist at the Real Instituto Elcano, a Madrid-based think-tank, said: “This is good news. But we should not be enthusiastic because we still have much to do on the reform front. We still need to increase our competitiveness, we need to ensure that credit starts flowing again, we need further adjustments in the labour market and we have to improve education, research and development and regulation.”

马德里智库——埃坎诺皇家学院(Real Instituto Elcano)经济学家费德里科•施泰因贝格(Federico Steinberg)表示：“这是好消息。但我们不应当太过乐观，因为我们在改革方面仍然任重道远。我们仍需提高竞争力，确保信贷重新开始流动，劳动力市场需要进一步调整，我们还必须改善教育、研发和监管。”

Still, the predicted return to growth is likely to bolster further the confidence of the Spanish government, which has already taken heart from the recent shift in both economic data and investor sentiment towards Spain.

但对恢复增长的预期可能进一步促进西班牙政府的信心。近期经济数据和投资者对西班牙信心的转变已经让西班牙政府深受鼓舞。