Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain 'may have already entered recession'

Thu 12th Jan 2012
Spain 'may have already entered recession'

Spain's National Institute of Statistics (INE) have published statistics earlier today, depicting a worrying state of the economy of the country.

Increasing levels of unemployment, which are teetering around 21.5% with little signs of improving in the near future, together with an industrial output, which was shown to have fallen 7% year-on-year in November, are compounded by the economy as whole shrinking in the previous quarter.

The prediction for the first quarter of 2012 is also expected to contract, and with the Economy as a whole shrinking by 0.8% over 2011, analysts have concerns that the country may have already entered a recession.

This echoes a statement made before Parliament by Spain's Minister of Finance, Cristobal Montoro, yesterday : "The economy has stalled, it is on the edge of a recession,Ē he told the house.

November's figures were the worst in more than 2 years, when industrial output plummeted to 7.0%, following a 4.2% fall in October.

Comment on this Story

 
Be the first to comment on this Story !!