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Spain Increases Economic Contraction Forecast to 1.3%

Spain’s government has revised down its forecast for the Spanish economy this year, saying the level of contraction will likely be worse than previously predicted.

Madrid now expects the economy to contract by 1.3% in 2013, compared with its earlier estimate of -0.5%.

The announcement came as the government is due to unveil measures to try to boost the economy.

Spain’s unemployment rate hit 27.2% in the first three quarters of 2013.

This was the highest level on record in the country.

The government expects the unemployment rate to remain at this level this year, before falling to 26.7% in 2014.

It says the economy will return to growth next year, predicting expansion of 0.5% in 2014.

via BBC [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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