Spain GDP Shrinks For Sixth Straight Quarter

Written By Unknown on Rabu, 30 Januari 2013 | 16.15

Spain has sunk even further into recession, according to newly released figures.

The struggling eurozone country saw its gross domestic product (GDP) shrink by 0.7% in the fourth quarter.

The contraction was worse than expected and means Spain has now suffered six straight quarters of negative growth.

Last week the National Statistics Institute (NSI) said the jobless rate for the last three months of 2012, for those aged 16 to 24, had soared to 55.13%.

The unemployment figure for young people was up from 52.34% in the previous quarter.

Overall, Spain's unemployment rate has risen to its highest level since measurements began in the 1970s, as a prolonged recession and deep spending cuts have left almost six million people out of work at the end of last year.

The nationwide jobless total rose 1% to 26.02% in the fourth quarter of 2012, or 5.97 million people, according to the NSI.

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