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Bank of Spain estimates GDP up in Q2

Fri 5th Aug 2011

The Bank of Spain has revealed initial estimates of how the economy of the country should show signs of a 0.2% improvement over the second quarter of 2011, a slight drop from the 0.3% growth recorded in the previous quarter.

The report from earlier today confirmed that the country's recovery from recession remains unimpressive at a time when financial markets are worried that the country is going to have real difficulties dealing with its debts and unemployment remains at almost 21%.

Official figures from the National Statistics Institute (INE) will be issued next week, and there is usually very little difference between the Bank's forecast and the official report.

The government is forecasting overall growth of 1.3% for 2011, though the central bank and others say that prediction is too optimistic.

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