The Spanish economy shrank 0.1 percent in the fourth quarter of 2009, making Spain the last major European economy still stuck in recession, official data showed on Thursday.The national statistics agency INE said Gross Domestic Product (GDP) contracted by 3.1 percent compared to the last three months of 2008 while the economy contracted 3.6 percent overall in 2009."The global downturn is slowing," INE said, noting that the external sector was doing better while domestic demand was not as weak as before.
MADRID (Reuters) - Spain's unemployment rate unexpectedly fell for the first time in two years in the second quarter, adding weight to the government's contention that the worst of the country's economic slump may be over.
Good and bad news came out of the eurozone Thursday morning as Spanish unemployment rose more to the highest in at least 37 years, but Britain’s economy dodged a return to recession and grew faster than expected in the first three months of this year.
Spanish unemployment rose more than economists forecast in the first quarter as efforts to tackle the European Union’s biggest budget deficit crimped economic growth.
On September 16, Spain's economy minister, Luis de Guindos, said Spain on Track to Meet Budget.
Spain is on track to meet the 2013 budget deficit target it agreed on with its European Union partners and should emerge from recession before the end of the year, the economy minister said on Monday.
Spain confirmed its timid recovery from recession on Thursday with 0.2 percent growth in the second quarter, final official data showed.The figure, which confirmed provisional data issued by the National Statistics Institute (INE) on August 13, follows growth of 0.1 percent in the first quarter, when Spain emerged from recession.On a year-on-year basis, Spanish Gross Domestic Product shrank 0.1 percent, a figure slightly better than the INE's provisional estimate of 0.2 percent.
As Greece wonders whether its debt crisis will eventually spell its exit from the euro, one town, Volos, has formed an alternative local currency as noted by the BBC in Greece Bartering System Popular in Volos.
A few months ago, an alternative currency was introduced in the Greek port city of Volos. It was a grass-roots initiative that has since grown into a network of more than 800 members, in a community struggling to afford items in euros during a deepening financial crisis.
Spain confirmed its timid recovery from recession on Friday with 0.2 percent growth in the second quarter but analysts warned the upturn may be short lived as austerity measures bite.On a year-on-year basis, Spanish Gross Domestic Product still shrank 0.2 percent but this was better than the contraction of 1.3 percent in the first quarter, the National Statistics Institute (INE) said in provisional data.The figures were in line with estimates published last week by the Bank of Spain. The INE will release definitive figures on August 26.