Spain revises 2011 unemployment estimate

 

Spain has revised it's unemployment forecast for the year from 19.5% to 19.8%, however, estimates that economic growth for the year will reach 1.3%.

Finance Minister Elena Salgado earlier this week spoke of how the continuing deterioration of Spain's labor market made the revision necessary, and that the government does not see an improvement coming until 2012.

The Minister also revised the forecasts for economic growth for 2012 from 2.5% to 2.3%, and from 2.7% to 2.4% for 2013.

The Bank of Spain earlier gave their forecast that the economy will grow this year by just 0.8% and that unemployment will remain constant at around 20%.