Mediafax (Mediafax)
Markets  |  July 30, 2012 04:50:05

Spanish statisticians notify preliminary data on the development of the local economy in the second quarter


MADRID (MEDIAFAX) - Spanish Statistical Office on Monday published preliminary data on the development of the local economy in the second quarter of this year. Spanish Central Bank Bank of Spain announced a week earlier that, in its estimation of the economy in the second quarter of this year fell by 0.4 percent qoq.

In the first quarter declined Spanish gross domestic product (GDP) grew by 0.3 percent.

The monthly report, the central bank also estimated that economic output fell by one percent level, compared with a fall of 0.4 percent in the previous quarter.

Spain suffers its second recession in the last four years and the local unemployment rate exceeds 24 percent, the most of any country within the European Union.Spaniards are thus not only reigning football champions of Europe and the world, but have a clear advantage in the negative statistics on the labor market.

Recently, the Spanish government introduced a new forecast of the local economy, which counts with the recession in the next year, the Spanish government bond yields are rising to dangerous levels significantly above the critical limit of seven percent. The government lowered its estimate of economic growth for 2013 growth from 0.2 percent to a decline of 0.5 percent.

Cuts in public budgets affect services such as schools and hospitals, and critics say the new austerity Cabinet Minister Mariana Rajoye worsen economic conditions for ordinary people. One of the last steps include reducing the Christmas bonus for civil servants, which, according to AFP sedmiprocentnímu corresponding reduction of the annual salary.Spain beleaguered very serious economic problems must save and just cuts are part of a comprehensive plan austerity package to reduce the country's debt.

Another problem is also indebted autonomous region in the country. For the past few days and for three of the 17 autonomous regions have announced that Madrid will ask for help with paying off debts, and Valencia, Murcia and Catalonia. Markets to raise investor fears that Spain will have to ask for a comprehensive financial assistance to repay their debts. Madrid has asked the euro area only in support of its banking sector.

Thomas bunny, kralicek@mediafax.cz

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