Share

FIRSTonline Banner

Spain's GDP falls again: -1,8% year on year in the fourth quarter

According to INE data, GDP decreased by 0,7% compared to the previous quarter – Disappointed analysts, it is the worst figure of 2009 – The collapse in domestic demand is dragging down economic activity.

Spain's GDP falls again: -1,8% year on year in the fourth quarter

The Spanish economic crisis does not stop which, between October and December 2012, marked the fifth consecutive quarter of contraction, recording a decrease of 0,7% on the previous quarter and 1,8% on an annual basis, the worst figure since 2009. Disappointed analysts who, after the gloomy forecasts of early 2012, had regained optimism, predicting a milder decline.

According to INE, Spanish economic activity fell by 2012% throughout 1,4. According to Madrid's national statistical institute, Spain's GDP is dragged down by the contraction in domestic demand (also due to the unemployment rate above 26%), whose contribution fell by 3,8%. The excellent stability of foreign demand was not enough to support the economy. The first signs of recovery are not expected before the end of 2013.

comments