Road accident deaths drop by 50% in Saudi Arabia    SR 3.95 million fines for 3 employees of a company and 6-month jail for one for violating Capital Market Law    Qassim emir launches 52 health projects costing a total of SR456 million    BD and INS partner to elevate standards of infusion care in MENAT    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    Italy's 'Libra' to arrive in Albania with just eight migrants on board    South Africa shuts border crossing with Mozambique over poll unrest    French families sue TikTok over harmful content that allegedly led to suicides    Harris tells supporters 'never give up' and urges peaceful transfer of power    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Crown Prince hails Saudi medical team that performed world's first fully robotic heart transplant    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Spain recession much deeper than thought
Published in The Saudi Gazette on 01 - 03 - 2013

MADRID — Spain's National Statistics Office says the country's recession is worse than previously thought with the economy shrinking by 0.8 percent in the fourth quarter of 2012 compared with the previous three-month period.
The figure released Thursday was higher than last month's preliminary estimate of a 0.7 percent contraction and is more than double the third quarter's 0.3 percent drop.
Spain's economy has been shrinking for the last 18 months with unemployment stands at 26 percent.
The statistics department also says economic activity was down 1.9 percent in the fourth quarter from the year-earlier period. For the whole of 2012, it shrank 1.4 percent.
The government predicts the economy will start to stabilize in the second half of this year and emerge from recession in 2014.
Spain's economy sank deeper into recession in the fourth quarter of last year as high unemployment and biting austerity measures prompted households to slash spending, the official data showed.
The eurozone's fourth largest economy shrank by 1.4 percent on an annual basis in 2012, a slightly better performance than the decline of 1.5 percent forecast by the government. The economy shrank 0.8 percent in the final quarter of 2012 from the previous three months, after dropping 0.3 percent in the third quarter, the national statistics institute said.
The figures were slightly bleaker than preliminary data released last month by the statistics institute which saw the economy contracting by 0.7 percent in the final quarter on a quarterly basis and by 1.37 percent for the entire year.
Spain is grappling with a double-dip recession and 26 percent unemployment, having never recovered from a real estate crash in 2008.
Prime Minister Mariano Rajoy's conservative government forecasts the economy will return to growth in the second half of 2013.
It forecasts an economic contraction of 0.5 percent in 2013 followed by an expansion of 1.2 percent in 2014, a significantly more optimistic forecast than that of most analysts and international organisations.
Activity is being cramped by his government's program of spending cuts and tax rises, aimed at saving 150 billion euros ($194 billion) between 2012 and 2014, which have prompted mass street protests. — Agencies


Clic here to read the story from its source.