Over 110,000 Businesses close in Spanish recession

Spain's ministry of labour and immigration have released a report illustrating how a total of 1110'058 have closed after falling victim to the global economic recession.

Small to medium sized businesses employing between 6 to 50 people have been hit hardest by the slump, with 47,835 such companies being forced to close. Companies employing between 2 and 5 people, termed 'enterprises' saw 39,708 casualties.

However, the number of companies listing over 500 employees increased by 96 between January 2008 and the end of July 2010.

A total of 33,332 new companies were registered with the social security bureau since February of this year.