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'Spain's recession could continue into 2014'
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IANS/EFE | 11 Apr, 2013
The economic recession that has affected Spain since 2011 could continue into next year despite forecasts that the Spanish economy could grow 0.80 percent over the next year, the European Commission said Wednesday.
Belgium, Bulgaria, Denmark, France, Italy, Hungary, Malta, the Netherlands, Finland, Sweden, Britain, Spain and Slovenia are among the European Union members that have macroeconomic imbalances "that could be considered excessive", the commission said in a report.
The deleveraging process in Spain's private sector is having negative effects on consumer spending, the commission said in its chapter on Spain.
The Spanish economy has been mired in a recession since the end of 2011 and the situation "could continue in 2014", the commission's economists said.
Spain's efforts to control the public debt are also holding back consumer spending, the European Commission said.
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