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

INE confirm Spain back in recession

Mon 30th Apr 2012
INE confirm Spain back in recession

Spain's Gross Domestic Product (GDP) slipped by 0.3% during Q1 of 2012, continuing with the downward trend of the previous quarter, which also saw a 0.3% fall.

Figures released earlier today in a preliminary report by the National Statistics Institute (INE) confirmed that the Spanish economy is in recession, following two consecutive quarters with negative rates of GDP - the second time in which the economy has officially been in recssion in 3 years.

The official INE data confirmed the government's predictions, but were slightly better than last week's forecast by the Bank of Spain. The central bank expected to see a contraction of the economy of 0.4% and an annual contraction of 0.5%, with a 4.0% increase in unemployment.

The INE explained that the Q1 contraction as being the result of "a more negative contribution of domestic demand, partially offset by a positive contribution of external demand."

The final report giving official data for Q1 of 2012 will be published on May 17th.

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs