Recession in Spain eases but no end in sight

The recession in Spain slowed down in the last quarter of 2012 according to figures released by the Bank of Spain. GDP fell by 0.5 percent in the last three months of 2012, compared with 0.8 percent in the previous quarter.

Unemployment ended 2012 at a whopping 26 percent and is expected to rise further to 27 percent by the end of this year and there is no expectation of an improvement any time soon. With the country crippled by austerity measures, the EU is expected to give Spain an additionalm2 years in order to bring its deficit back within the EU limit of 3 percent of GDP; it currently stands at nearly 11 percent, the highest figure within the Euro bloc.

Source: El Pais

Tags: Economy, socialmedia, Society