{"id":31096,"date":"2013-03-26T17:50:31","date_gmt":"2013-03-26T16:50:31","guid":{"rendered":"http:\/\/www.presstv.ir\/detail\/2013\/03\/26\/295312\/spain-falling-deeper-in-recession-bank\/"},"modified":"2013-03-26T17:50:31","modified_gmt":"2013-03-26T16:50:31","slug":"spain-slips-deeper-into-recession","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/breaking-news\/spain-slips-deeper-into-recession\/","title":{"rendered":"\u2018Spain slips deeper into recession\u2019"},"content":{"rendered":"

A Spaniard holds a placard calling for a revolution against Madrid’s harsh austerity policies on September 25, 2012. (File photo)<\/span><\/p>\n

\n

Spain\u2019s Central Bank says the country will sink deeper into recession with a high unemployment rate as its economy is set to contract again this year.<\/p>\n

The Bank of Spain\u2019s annual report published on Tuesday showed that the economy is set to contract again by 1.5 percent this year following a 1.4 percent contraction last year, before starting to recover in 2014.<\/p>\n

The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country’s Gross Domestic Product (GDP).<\/p>\n

The contraction is attributable to the looming effects of EU austerity measures, which have intensified domestic problems including a rampant unemployment crisis.<\/p>\n

The bank predicted that the unemployment rate will hit new record highs of over 27 percent, standing at 26.02 percent in the fourth quarter of 2012 – with 5.04 million jobless in February 2013.<\/p>\n

The country\u2019s GDP is also expected to shrink by 0.5 percent and weigh in on every aspect of economic activity.<\/p>\n

\n

“Private agents remained immersed in a process of deleveraging, families have seen a notable shrinking of income, public accounts continue on their path toward sustainability and residential investment has not yet hit bottom,” said the bank.<\/p>\n<\/blockquote>\n

\nAccording to the report, Madrid will lower the country\u2019s budget deficit to 6 percent of the GDP by the end of 2013, but will likely miss the 2014 target set by the European Commission.<\/p>\n

Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking with it millions of jobs.<\/p>\n

The Spanish government has been sharply criticized over its austerity measures that are particularly targeting the middle and working classes.<\/p>\n

GMA\/JR<\/p>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

A Spaniard holds a placard calling for a revolution against Madrid’s harsh austerity policies on September 25, 2012. (File photo)<\/span><\/p>\n

\n

Spain’s Central Bank says the country will sink deeper into recession with a high unemployment rate as its economy is set to contract again this year.<\/p>\n

The Bank of Spain’s annual report published on Tuesday showed that the economy is set to contract again by 1.5 percent this year following a 1.4 percent contraction last year, before starting to recover in 2014.<\/p>\n

The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country’s Gross Domestic Product (GDP).<\/p>\n

The contraction is attributable to the looming effects of EU austerity measures, which have intensified domestic problems including a rampant unemployment crisis.<\/p>\n

The bank predicted that the unemployment rate will hit new record highs of over 27 percent, standing at 26.02 percent in the fourth quarter of 2012 – with 5.04 million jobless in February 2013.<\/p>\n

The country’s GDP is also expected to shrink by 0.5 percent and weigh in on every aspect of economic activity.<\/p>\n

\n

“Private agents remained immersed in a process of deleveraging, families have seen a notable shrinking of income, public accounts continue on their path toward sustainability and residential investment has not yet hit bottom,” said the bank.<\/p>\n<\/blockquote>\n

\nAccording to the report, Madrid will lower the country’s budget deficit to 6 percent of the GDP by the end of 2013, but will likely miss the 2014 target set by the European Commission.<\/p>\n

Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking with it millions of jobs.<\/p>\n

The Spanish government has been sharply criticized over its austerity measures that are particularly targeting the middle and working classes.<\/p>\n

GMA\/JR<\/p>\n<\/div>\n

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