Spain’s economy contracted by 0.3 per cent during the fourth quarter, according to official figures released Wednesday, edging the country closer to a new recession as it deals with huge levels of unemployment and painful austerity cuts. The figure announced by the National Statistics Institute broke a run of seven quarters without economic contraction. The institute said GDP fell 0.3 per cent during the quarter compared with a year earlier. For all of 2011, it increased 0.7 per cent.
The economy is expected to slide further through March, placing Spain back in its second recession in less than three years. A technical recession is defined as two consecutive quarters of contraction.
Source: The Canadian Press
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by Scott Boyd (see all)
- Japan’s Demographic Trap - 25 June 2012
- Officials Talk Openly of Greek Euro Exit - 16 May 2012
- Greek Voters Prepare to Roll the Dice - 15 May 2012