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Friday 30th of January 2009
January 28, 2009

Spain enters recession


by Kay Murchie
”Spain

Figures today have revealed that Spain’s economy is in recession for the first time since 1993.

Official figures from the Bank of Spain said Gross Domestic Product fell 1.1% in the last quarter of 2008, which followed on from a 0.2% decline in the previous quarter.

The euro zone, as a whole, entered recession in November and Spain follows fellow nations such as Germany and France, who entered recession late last year.

Spain has the highest unemployment rate in the European Union, with 13.9% of the workforce out of a job.

The Spanish economy, which is the fourth-largest in the euro zone, has been one of the healthiest in Europe over recent years but rising unemployment and the financial crisis have had an impact.

Furthermore, the Bank of Spain’s latest labour figures revealed that that unemployment grew by 3% in the last quarter.

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