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Slow recovery ahead for Spain's economy

Thu 16th Jun 2011

The troubled economy of Spain is expected to continue with a slow recovery, however there are still some concerns over the reform programs which intend to reduce national debt, the Bank of Spain announced yesterday in it's annual report.

"The perspective for 2011 sees a slow recovery on the horizon which is not exempt from certain notable uncertainties," going on to say how the recovery is "very dependent on the capacity to benefit from the dynamism in the rest of the world ... to allow exterior demand to supply the necessary increase in activity and employment."

The report continued by saying how there were still a number of different factors that could influence the overall recovery of the economy : "The recovery of domestic demand is conditioned by the level of debt in the private sector," it said. This was subject to "huge uncertainties and possible risk, with tensions on the big financial markets."

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