ECONOMY

Recession eased at start of year but seven-quarter contraction confirmed

Statistics office backs Bank of Spain estimate of 0.5-percent drop on last three months of 2012

Spain’s National Statistics Institute (INE) confirmed on Tuesday that GDP had contracted by 0.5 percent in the first quarter of the year compared to the end of 2012, a figure which is in line with what the Bank of Spain indicated last week.

Spain’s second recession in the past four years now stretches back seven quarters, although the 2008-09 dip was deeper. Compared to one year ago, the economy has contracted by two percent.

In its most recent economic bulletin, Spain’s central bank explained the somewhat better figure for early 2013 had been caused by a smaller drop in private consumption, which fell an annual 0.3 percent in the first quarter after a contraction of 2.0 percent in the final three months of 2012. The steep drop in spending at the end of last year was put down to many families having to cope with the removal of civil servants’ annual extra payment, and the September VAT rise having led to big-ticket purchases being brought forward to the summer period.

The first-quarter figure also fits in with the Popular Party government’s revised forecasts for this year. As of last Friday’s Cabinet meeting, Prime Minister Mariano Rajoy’s economic team foresees a contraction of 1.3 percent of GDP for the whole of 2013, a figure that is still slightly more optimistic than those of the main multilateral organizations. The IMF predicts a drop of 1.6 percent, while the European Commission puts the figure at 1.4 percent.

Unemployment in Spain climbed above six million for the first time ever in the first quarter of the year as the jobless rate hit an unprecedented 27 percent of the active population.

Para poder comentar debes estar registrado en Eskup y haber iniciado sesión

Darse de alta ¿Por qué darse de alta?

Otras noticias

Últimas noticias

Ver todo el día

PSE-EE cree “obvio” desvincular al partido de la denuncia

Miren Gallastegi valora que por "transparencia y ejemplaridad" el socialista Mikel Cabieces renuncie al cargo orgánico y a su militancia

Cinco actividades que hacer para olvidarse del frío

Meterse dentro del abrigo perfecto, ir al concierto exacto y preparar la mejor fondue imaginable Planes que tumban cualquier temporal

Podemos mide sus fuerzas con una movilización en Madrid

Los manifestantes llenan "por el cambio" la Puerta del Sol y la plaza de Cibeles

EL PAÍS RECOMIENDA

Células madre permiten regenerar corazones infartados

Jaime Prats Valencia

Por vez primera se emplearán cultivos obtenidos de donante en un ensayo

Alex de la Iglesia se lleva de vuelta al cine a Raphael

‘Mi gran noche’ supone la vuelta del cantante a la gran pantalla

Lo más visto en...

» Top 50

Webs de PRISA

cerrar ventana