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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.
