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Spain’s economy plunges into recession

Posted By admin On April 23, 2012 @ 2:58 am In Money Watch | Comments Disabled

AFP [1]
April 23, 2012

MADRID – Spain’s jobs-scarce economy plunged back into recession in the first quarter of 2012 as employment slumped even further, the Bank of Spain said Monday.

Barely two years after emerging from the last downturn, Spain slid into recession again with two consecutive quarters of economic contraction, the central bank said in a report.

Gross domestic product fell by an estimated 0.4-percent in the first quarter of 2012 after a 0.3-percent decline in the last three months of 2011, the bank said.

Spain, whose unemployment rate at the end of 2011 was already the highest in the industrialised world at 22.85 percent overall and nearly 50 percent for the young, suffered a further sharp jobs decline.

Full article here [1]

 


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URLs in this post:

[1] AFP: http://www.channelnewsasia.com/stories/afp_world_business/view/1196952/1/.html

[2] Economy Gains No Jobs in August, Fueling Recession Fears: http://www.prisonplanet.com/economy-gains-no-jobs-in-august-fueling-recession-fears.html

[3] Shares tumble across globe as figures reveal U.S. economy shrank 6% in last quarter – the fastest rate in 25 years: http://www.prisonplanet.com/shares-tumble-across-globe-as-figures-reveal-us-economy-shrank-6-in-last-quarter-the-fastest-rate-in-25-years.html

[4] Recession chugs on, except in government: http://www.prisonplanet.com/recession-chugs-on-except-in-government.html

[5] Recession in U.S. Was Even Worse Than Estimated, Revisions Show: http://www.prisonplanet.com/recession-in-u-s-was-even-worse-than-estimated-revisions-show.html

[6] Job Losses Pushing U.S. Economy Into `Significant’ Recession: http://www.prisonplanet.com/job-losses-pushing-us-economy-into-significant-recession.html

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