Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

BBVA : Spain may slip into recession once again

Tue 8th Nov 2011

The research department at Spain's BBVA has today predicted that the economy of the country will return negative growth in the forth quarter of the year, and possibly enter into recession.

The economy fell into recession following the collapse of the property and construction industry in 2008 and has struggled to pull away decisively from stagnation since then.

Disappointing growth of just 0.2% in the second quarter was improved upon by 0.4% in the third, thanks to exports, however observers predict that the economy will shrink back to 0.2% during the fourth quarter.

Additionally, BBVA are concerned that Spain may miss its public deficit target of 6.0% of GDP for 2012 unless significant measures are implemented before the end of the year.

Spain pledged to slash its annual public deficit from 9.3% of GDP last year to 6% this year, 4.4% in 2012 and 3%, the EU ceiling by the end of 2013.

Comment on this Story

The question really is 'Did Spain actually drop out of recession?' If one takes the very narrow criteria - two successive quarters of negative growth - then No. However, with rising unemployment, little demand and growth, a decimated housing market, a banking sector that has been decimated, etc..........then if it quacks like a duck, looks like a duck and walks like a duck.....we are in recession!
Mick - Tue, 8th Nov 2011

Related Partners

Recommended Items

Related Articles

Related Blogs