Spanish economy will be slow to recover, central bank says

Madrid - The Spanish economy will shrink 0.4 per cent this year, the Bank of Spain said Tuesday.

The recession-hit economy will recover only in 2011, when it will grow 0.8 per cent, the central bank said.

The forecast was less optimistic than that of the government, which expects gross domestic product (GDP) to decline 0.3 per cent this year and to grow by 1.8 per cent in 2011.

The global crisis and the meltdown of Spain's housing sector have plunged the country into its deepest recession in 60 years.

Source: Earth Times.
Link: http://www.earthtimes.org/articles/show/316407,spanish-economy-will-be-slow-to-recover-central-bank-says.html.