The struggling Spanish economy started emerging from recession during the second quarter of this fiscal, Spain's Economy Minister Luis de Guindos announced on Tuesday.

Addressing a gathering in Santander, northern Spain, Guindos said the available figures showed that the second quarter marked a turning point, with estimated quarterly growth of about zero per cent.

Speaking on the topic, Guindos said, "We don't have all the data regarding this quarter, but it is much less bad than the previous one. marks a turning point, with quarterly growth that should be closer to zero..."

In the last fiscal, Spain's gross domestic product (GDP) shrank 1.4 per cent year on year. That was the eurozone's fourth-largest economy's second worst yearly slump since 1970.

During the first quarter of current fiscal, the economy contracted by 0.5 per cent from the previous quarter, its seventh consecutive quarterly decline.

The government has predicted that the economy will shrink again by 1.3 per cent this year. Spain has continuously been suffering economic recession since the year 2011, in the second such slump since the collapse of a housing boom in the year 2008.