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Spanish recession set to continue

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Spanish recession set to continue


Spain remains mired in economic recession according to its national statistics institute.

The country’s economy has shrunk by 1 percent in the second quarter compared to the previous three months. It is the fourth consecutive quarterly contraction of the economy and is due principally to a decline in consumer demand. Compared with last year, the economy shrank 4.1 percent in the second quarter – however, Spain’s figures are slightly better than the central bank’s estimates published last month. Battling the highest unemployment rate in Europe at 18 percent, Spain has pumped money into the economy and is putting builders to work on public projects across the country. Meanwhile, France has posted mixed unemployment figures. Jobs continue to be cut in the private sector in the second quarter but the rate of decline has slowed sharply. The Employment ministry said non-farm payrolls dropped 0.5 percent quarter-on-quarter in the three months to June and 2.5 percent year-on-year, with some 74,100 jobs being eliminated.

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