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« Dissecting Cyprus | Main | Nigel Farage - Major European Bank Runs Now Taking Place »
Tuesday
Mar262013

Spanish central bank offers grim economic forecast

These towers look a tad ominous!

MADRID (AP) — Spain will sink deeper into recession and unemployment will worsen this year as the country struggles under the weight of austerity measures taken to repair public finances and the effects of a weak global economy, the central bank said Tuesday.

The Bank of Spain said it expected the economy to contract 1.5 percent this year, compared with 1.4 percent in 2012, and only return to growth in late 2014.

The conservative government had predicted a 0.5 percent contraction for this year although Prime Minister Mariano Rajoywas pushed to admit last week that he would have to revise forecasts in April.

Spain's economy, the fourth-biggest in the 17-country eurozone after Germany, France and Italy, has been shrinking for the last 18 months.

The bank forecast the jobless rate would rise to 27.1 percent by the end of this year, from a current 26 percent. That also won't start falling until 2014, it said.

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