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Reply #39: More evidence emerges of renewed contraction in Spanish economy [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 08:29 AM
Response to Reply #23
39. More evidence emerges of renewed contraction in Spanish economy

Information made available on Monday added growing credence to forecasts that the Spanish economy is set to contract in the last quarter of the year due to the ongoing turmoil in the euro-zone sovereign debt market and slowing activity worldwide.

Industrial output on October fell to its level last seen in 2009 when Spain was still locked in its worst recession in living memory, while the service sector in November suffered its sharpest decline in over two-and-a-half years.

With Prime Minister-elect Mariano Rajoy expected to announce further measures to ensure Spain fulfills its deficit-reduction obligations, the downturn in activity could also extend well into next year.

The National Statistics Institute (INE) said Monday that after correcting for differences in the number of working days, its industrial production index declined 4.2 percent in October to its lowest level in 19 months. Output shrank across the board, with the biggest falls registered by consumer durables, which contracted 13.6 percent. Production in the first 10 months of the year contracted 0.7 percent.
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