Spanish Exports and Consumer Spending Shrunk in July

 

Data revealed by Spain's National Institute of Statistics (INE) earlier today revealed how the month of July saw the biggest drop in the Country's Industrial Production in over 12 months.

The productivity of Industries such as Mining and refineries fell by 2.8% in July and 1.9% in June, both based on the same period last year. The previously highest falls had been in January of 2010.

The Country had previously set itself a target of 1.3% growth, which Elena Salgado, the Minister for Finance and the Economy, last month acknowledged to be a little ambitious. In the second quarter of the year the financial recovery tailed off as both consumer spending and exports decreased.

"Spain's export-led recovery remains vulnerable to any global deterioration," the PM told Parliament on Aug. 23 as he asked for Parliamentary support for further austerity measures to reduce a rise in borrowing costs amid the sovereign-debt crisis.