Spain's economy grows by 1.4 percent in 2014

Spain's economy expanded by 1.4 percent in 2014, after five years of recession or no growth (AFP Photo/Gerard Julien)

Madrid (AFP) - Spain's economy expanded by 1.4 percent in 2014, after five years of recession or no growth, the country's national statistics agency Ine said Thursday, confirming a provisional figure published in late January.

The gross domestic product (GDP) of the eurozone's fourth largest economy rose to 1.06 trillion euros, Ine said in a statement.

Last year also marked the first full year of economic growth since a 2008 property crash which put millions of people out of work and pushed the country to the brink of a bailout.

Spanish Prime Minister Mariano Rajoy's government this week revised its growth forecast for this year upwards to 2.4 percent from 2.0 percent and said the country could create over half a million jobs in 2015.