Spain | Economic Overview | 2013 Q1

Recent updates for Spain show further deterioration of the economy. In the first quarter of 2013, GDP contracted 0.5 percent quarter-on-quarter and 2.0 percent year-on-year. It has been a sixth consecutive quarter of contraction as austerity measures continue to take its toll. In March, the unemployment rate was recorded at an all-time high of 27.2 percent. To make things worse, consumer confidence is near historic lows and consumer spending reached its lowest level in seven years. On the positive side, in February, the current account deficit was 75 percent down from the same month in a year earlier, due to a lower trade deficit.
4/30/2013 10:50:00 AM