Spain showed growth during the third quarter of the year. The rise of 0.1% is the first gain in the country’s GDP since 2011.
The report from the country’s National Statistucs agency confirmed a report released last week from the Bank of Spain predicting an end to the country’s economic slide.
The report from the statistics agency cited a number of reasons for the growth including a boost in tourism due to the instability in north Africa and the Middle East.
The country’s banks needed a bailout from European nations last year to survive the recession sparked by the country’s 2008 property bubble collapse. The country’s unemployment level is still hovering around 26%.
A budget proposal submitted to the Spanish Parliament Monday shows the country’s debt in 2014 will reach almost 100 percent of the country’s production output.
The debt-to-gross domestic product ratio will reach 99.8 percent by the end of 2014. This will rise from 94.2 percent by the end of 2013. Continue reading →
Spain’s record unemployment rate finally fell in the second quarter of the year although one in four Spaniards are still without a job.
The unemployment rate of 26.3% is almost a percentage point below the record high of 27.2% The rate fell amid news of an increase in tourism in the second quarter. Tourism accounts for about 10% of the Spanish GDP. Continue reading →
Unemployment rates in France and Spain have hit new record highs, sending shockwaves through the European economy.
Over 3.2 million people in France are seeking jobs, an increase of 11.5% from one year ago. The increase more than a full percentage point from February. The level is the highest since unemployment records began in 1996. Continue reading →
Spain, in the midst of a massive recession, saw a 6.5% decrease in industrial output in February 2013 versus a year earlier. That followed a 4.9% decline in January.
The bad news further complicates an economic meltdown that includes bank failures, massive company debuts and austerity measures forced on the government as part of bailouts from the EU. Continue reading →
Heavy losses to investors at nationalized banks are on the horizon in Spain.
The Spanish government also announced that they will be hiring external financial advisers to work with the country’s Fund for Orderly Bank Restructuring to get the nation’s banking system solvent. Continue reading →
Unemployment in Spain has topped 5 million citizens for the first time in the nation’s history.
Over 59,000 people were added to the unemployment roll in February raising the nation’s total to 5.04 million. Continue reading →
Bankia, a company founded when seven struggling savings banks merged, has shown a record loss in 2012 causing analysts to wonder if the bank’s collapse is imminent.
Bankia’s losses for 2012 totaled $25.2 billion U.S. dollars. Continue reading →
Catalonia, a region of Spain that has expressed a desire to become an independent country, has asked the Spanish government for a $9 billion euro bailout. The Catalonian regional government said the funds would pay down debt and meet targets for deficit reduction.
The region initially requested a $5 billion bailout in August, 2012.
The bailout request comes as the newly elected Catalonian leaders pledged a referendum on the region’s independence. Continue reading →
Spain’s unemployment rate has set a new record with 55 percent of the nation’s youth unable to find work.
The unemployment rate for the entire country rose to 26 percent with almost six million out of work. Continue reading →
