The Spanish economy grew by 1.4 percent in 2014 thanks to rises in consumption and investment, Spain's Statistical Office (INE) confirmed on Thursday.

The INE reported that households' consumption rose by 3.4 percent in 2014 when compared with a year earlier and companies' investment increased by 5.1 percent. Exports increased by 4.7 percent and imports rose by 7.7 percent.

According to the INE, the country's GDP grew by 2 percent from the fourth quarter in 2013 to the last quarter in 2014. This growth was mainly due to a rise in households consumption which increased by 0.9 percent in the last quarter of the year and a rise of 1.4 percent in investment.

The Spanish government showed optimism after knowing this data. Spanish Minister of Economy Luis de Guindos said the growth was moderate but positive, adding that 2014 was a turning point for the country's economy after suffering a long economic recession.

Spain's economy grew by 3.8 percent in 2007 and when the housing bubble burst in 2008 it grew by 1.1 percent. In 2009 it fell by 3.6 percent, also contracting in 2011, 2012 and 2013 by 0.6 percent, 2.1 percent and 1.2 percent respectively. In 2010 the country's growth rate stood at 0.0. Endit

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