- OP Xtreme
- Business & Finance
- Crime & Law
- Food Drink
- News Features
- Eating Out
- Andalucia Property Search
Worse to come for Spanish economy
• Storm clouds continue to linger over Spain's economy
Do you have news for us?
Click to contact the newsdesk!
SPAIN’S economy is set to get worse this year, according to the International Monetary Fund (IMF).
GDP is expected to shrink by 1.5% in 2013, slightly more than the 1.4% contraction that was predicted in autumn last year.
The figure is in contrast to the IMF’s forecast for the global economy, which is predicted to grow by 3.5% this year.
However, the IMF’s World Economic Outlook gave a brighter summary for 2014, estimating that output in Spain will increase by 0.8%, against a global increase of 4.1%.
Spain’s government announced it expects output to fall by 0.5% this year, although experts claim the figure will be higher.
Spain slipped deeper into recession in the final quarter of the year due in part to a slowdown in consumer spending following the introduction of value-added tax in September.
“Household consumption posted negative figures throughout the year, though more forcefully so in the final month, owing to the impact of fiscal consolidation measures,” said a spokesman for Spain’s central bank.
Reader Comments »
The views expressed in the comments above are those of our users and do not necessarily reflect the views of the Olive Press.
Messages will be moderated or deleted if they:
• Are considered likely to disrupt, provoke, attack or offend others
• Are racist, sexist, homophobic, sexually explicit, abusive or otherwise objectionable
• Contain swear words or other language likely to offend
• Break the law or condone or encourage unlawful activity. This includes breach of copyright, defamation and contempt of court
• Advertise products or services for profit or gain
• Are seen to impersonate someone else
• Include contact details such as phone numbers, postal or email addresses
• Describe or encourage activities which could endanger the safety or well-being of others
• If you have a complaint about a comment please email [email protected]
Latest news from the Olive Press...
Take a look at the five most-read stories on the Olive Press website this week…