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Spain remains stuck in recession in Q4 of 2009

Wed 17th Feb 2010

Spain was remained in recession in the fourth quarter of 2009 when output fell by 0.1 % from the level in the third quarter, official data showed on Wednesday.

The data was in the form of final figures from the national statistics office INE - and were in line with initial estimates that were made public last week.

INE also reported that for the second quarter running the contraction of output had slowed down.

Gross national product decreased by 0.3% in the third quarter from output in the second when it had shrunk by 1.1 %.

In the final quarter of 2009, on a 12-month comparison, output fell by 3.1 % and statistics for 2009 as a whole revealed that figures fell by 3.6 % when compared to output in 2008.

Spain entered recession at the end of 2008, but the Socialist government maintains that the worst of the downturn has now past. However, the effects on the Spanish people continue and unemployment has risen sharply to a rate of nearly 19 %.

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