Economy

xchrom

(108,903 posts)

23. Spanish recession deepens further

Mon Jul 30, 2012, 09:30 AM

Jul 2012

http://www.irishtimes.com/newspaper/breaking/2012/0730/breaking14.html

Spain slid deeper into recession in the second quarter as a tough new round of austerity to head off the budget crisis that threatens the euro took effect both on overall demand and the price consumers have to pay for goods.

The first official numbers on gross domestic product showed the economy shrank 0.4 per cent from the previous quarter after contracting 0.3 per cent in the first three months of the year.

The economy was 1 per cent smaller than a year earlier.

Consumer prices according to both Spanish and EU methodology rose 2.2 per cent year-on-year, with the EU-harmonised increase above forecasts being due to medicine price hikes put in place by the government to save money and deflate the deficit.

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