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

Economy of Spain predicted to contract into 2013

Wed 25th Jan 2012
Economy of Spain predicted to contract into 2013

Latest forecasts by the IMF estimate that the GDP of Spain will shrink by 1.7% in 2012, with a budget deficit of 6.8% of GDP. This was hugely disappointing after previous forecasts had estimated a growth of 1.1%.

The IMF going to expect to see a recession across the Euro Zone as a whole, with GDP contracting by 0.5%The new report calls for a "mild recession" in the 17-member euro zone as a whole, with the economy on Italy performing worst of all with an expected contraction of 2.2%.

The IMF places Spain with an expected budget defict of 6.8% for 2012 (up from 5.1%) and 6.3% for 2013 (up from 4.4%).

Despite acknowledigng the substantial cuts to public spending and austerity measures introduced by the new PP administration, Italy and Spain are both expected to remain in recession until 2014 whilst the wider economy of the Eurozone sees a 0.8% growth.

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs