'Spain's recession could continue into 2014'

Top Stories

»	APEC biz leaders gather in S. Korea for discussions on AI, energy transition
»	Path to Viksit Bharat will be built across our villages: FM Sitharaman
»	US keen to finalise trade deal with S. Korea as soon as possible
»	India won’t rush into a trade deal: Piyush Goyal
»	Strong Q2 growth, GST reforms to help India’s growth expand at 6.6 pc this year: IMF

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.