MADRID
Spain's economic recovery picked up the pace in the fourth quarter, as expected, posting its second quarterly positive reading after a two-year recession, the country's statistics institute INE said
Spain's gross domestic product rose 0.3% in the fourth quarter from the third, INE said, in its preliminary GDP estimate for the quarter
This is in line with a previous estimate by the country's central bank, and statements made by Finance Minister Luis de Guindos
GDP contracted 0.1% in the fourth quarter from the same period of 2012, INE said, with a better contribution from internal demand offset by a smaller contribution from the export sector
For the whole of 2013, the Spanish economy--the euro zone's fourth-largest--contracted 1.2%, INE added
The quarterly reading compares with meager 0.1% growth in the third quarter from the second, and a 1.1% contraction in the third quarter from the same quarter of 2012
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SAN FRANCISCO (MarketWatch)
Moody's Investors Service on Wednesday raised Mexico's sovereign rating to A3 from Baa1 with a stable Outlook
"The decision to upgrade Mexico's sovereign ratings was driven by the structural reforms approved last year, which Moody's expects will strengthen the country's potential growth prospects and fiscal fundamentals," said Moody's in a statement
The move puts Mexico's ratings on par with Poland and Malaysia, Moody's said
It also noted that Mexico's ratings are not likely to change significantly over the next two to three years
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