TNBiz (TNBiz)
Macroeconomics  |  August 26, 2011 09:35:06

The Spanish economy slows in the second quarter increased by 0.2 percent month on month

MADRID (MEDIAFAX) - The Spanish economy in the second quarter of this year in the final quarter data increased by 0.2 percent. Informed on Friday by Bloomberg.

In comparison to Spain's gross domestic product (GDP) in the second quarter rose by 0.7 percent. In the first quarter of this year, while reported QoQ growth of 0.3 percent. The Spanish economy has once again slowed the pace of growth. The data are consistent with earlier estimates.

Spain was in recession or near stagnation for three years after the collapse of the property market, which paralyzed the entire construction sector in the country and the domestic demand.

The Spanish Socialist Party government has agreed with the main opposition People's Party to amend the Constitution, which sets a limit on state debt.Followed by Spain and some other European countries that have decided to limit the State to establish debt in order to regain investor confidence. Constitutional amendment will be accompanied by a law that will set a ceiling for public deficits to a maximum of 0.4 percent of gross domestic product (GDP). The law must be in accordance with the government on Friday approved a declaration by 30 June 2012 and come into force from 2020.

Spain wants to reduce the budget deficit this year to six per cent of GDP. Country deficit declined from 11.1 percent of GDP in 2009 to 9.2 percent of GDP in 2010.

Tomáš Králíček,

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