High Unemployment Stalls Spanish Economic Recovery
Madrid, Spain (AHN) – Spain’s weak economic recovery stalled in the third quarter, according to data from Spain’s National Statistics Institute.
Preliminary figures for the gross domestic product (GDP) from July to September shows it unchanged from Q2. In addition, GDP for the year was only up 0.2 percent over the past year.
The National Statistics Institute says the slowdown was indicative of a lower national income. That is hardly surprising given Spain’s 20 percent unemployment rate. High unemployment has resulted in lower consumption and less consumer spending has led to little growth in the economy.
However, healthy exports meant the news was better than analysts had expected.
Spain has instituted austerity measures to try to curb the government budget deficit. However, one of the measures, wage cuts of 5 percent for government workers, will likely result in further weakening consumer spending as government workers will have less money to spend.
View full post on Labor Stories
- Fixed mortgage rates stay low
- A Complete Guide to Medical Bankruptcy
- NJ: N.J. to repay federal government $350M spent on killed Hudson River tunnel project
- India, China Close To N-Deal As China Popularity Declines In Asia
- Protests shake Tunisia as suicide emerges as symbol of economic distress
- Fannie Clarifies Delivery of Repurchased Loans
- Bad Credit Home Loans
- BLS: Employers Added 151,000 Jobs In October
- Unemployed Cash Loans: Grasp The Cash Quickly
- British PM orders councils to cut pay, not services
Comments
Leave a Reply
