Spain’s GDP Contracted in the Fourth Quarter of 2011 - 23.1.2012
Bank of Spain reminded today in its monthly bulletin that some European economies may face tough time in 2012. According to the estimation of the central bank, the national economy contracted in the last quarter of 2011 by 0.3% on quarterly basis, compared with a flat activity in the third quarter, however annual growth pace remains positive at 0.3%. In 2012 the GDP will shrink by 1.5%, the bank said, taking into consideration the government measures to reduce budget deficit, while unemployment level reaches 23.4%. The euro remains slightly above 1.30 against the greenback as we are moving deeper into the European session and investors are waiting for the results of Greek debt deal and European finance ministers’ talks.