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Minister of Finance Luis de Guindos gave a radio interview yesterday, where he commented how he expected to see a more severe economic contraction over Q1 of 2012 than seen in Q4 of 2011, when gross domestic product shrank by 0.3%.
He went on to say how the Spanish economy may not start to recover until Q4 of this year, when unemployment should also reach it's peak, with many analysts predicting levels will reach as high as 25%.
The Minister confirmed that the government remains committed to reaching their deficit-reduction targets for 2012, though these may be reviewed in coordination with the European Commission in the near future.
However, the government isn't intending any further tax increases, after raising taxes late last year, he said.
Last week, De Guindos presented a comprehensive reform of the country's financial sector. Later today the government is expected to approve plans to reform Spain's employment laws in order to lift the struggling economy.