Tuesday, October 30, 2012

Spain’s economy contracts 0.3% in third quarter of 2012


 
People wait in line at a government employment office at Santa Eugenia's Madrid suburb on January 27, 2012.

Source: Press TV
http://www.presstv.ir/detail/2012/10/30/269528/spain-economy-shrinks-in-third-quarter/

Official data show Spain’s economy has shrunk by 0.3% in the third quarter of the year, 2012, as the country continues to grapple with economic woes.

According to new data released by Spain’s National Statistics Institute (INE) on Tuesday, country’s gross domestic product contracted by 0.3% from July to September.

This comes as one in four workers is unemployed in the recession-hit country.

On Friday, the Spanish institute also issued a statement saying that the country’s unemployment rate climbed to 25.02 percent in the third quarter, up from the previous 24.63 percent.

INE also pointed out that a total of 5.78 million people were out of work in the July-September quarter, up 85,000 from the previous three months, while the number of Spanish households in which every member is unemployed rose to 1.74 million.

On October 11, Standard and Poor’s rating agency (S&P) downgraded the country’s credit rating by two notches with a "negative outlook" citing “mounting risks to Spain's public finances, due to rising economic and political pressures.

The Spanish government has been sharply criticized over the austerity measures that are hitting the middle and working classes the hardest.

Spanish Prime Minister Mariano Rajoy’s proposed 2013 draft budget is expected to slash the overall spending by 40 billion euros ($51.7 billion), freeze the salaries of public workers, and reduce spending for unemployment benefits.

Battered by the global financial downturn, Spain’s economy collapsed into recession in the second half of 2008, taking with it millions of jobs.

No comments:

Post a Comment

I'll be right with you.

Russia Today (Live)

World News 2017

Current Affairs - Important Interviews – 2017

Debate – Global Issues 2017

Important Information 2016 - 2017

South Front Military Review 2017

Syria - News 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

US News 2017

Iran News 2016 - 2017

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

The Words and Actions of Ken O'Keefe

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)