Features » Finance and Money
SPAIN'S GDP CONTRACTS FOR THE SIXTH QUARTER IN A ROW
Contributor / 2009-11-12 18:30:04
Q3 2009 saw Spain’s economy contract for the sixth quarter as the housing sector continued to struggle and unemployment continued to rise.
Officially, Spain remains in a recession even whilst other areas in the Eurozone begin to show an improvement in their economic results. Spanish GDP shrank by 0.3% compared to a decline of 1.1% in the Q2 2009 according to the National Statistics Institute based in Madrid.
Spain trails other Eurozone economies such as Germany, Italy, and France, who the European Commission forecasts as having shown steady growth. The IMF has said that it expects the Spanish recession to push unemployment up to 20 percent next year despite a return to growth in Q1 2010. Growth is expected to remain weak throughout 2010 due to the high levels of people out of work.
Tags: Economics, Business
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