Spanish economy weighed down by real estate bubble burst

September 14, 2010 at 3:06 pm Leave a comment

The Commissioner for Economic and Monetary Affairs, Olli Rehn, has put the blame on the real estate bubble burst for Spain’s recession. According to economic forecasts, the Spanish econ0omy will be the only of the European powers which will remain in recession.

Asked if the Government should implement further reforms to remedy this situation, Rehn hoped that the combination of fiscal consolidation and structural reforms already announced by the Government ” will help Spain  strengthen its competitivity and to lay the foundations for sustainable growth and job creation in the medium term. ”

olli rehnMoreover, Rehn has referred to a relapse that the Spanish economy in the third quarter, according to forecasts by the Community executive. Spain recorded growth in the first and second quarter of this year, reflecting an economic recovery . But this will slow down somewhat before the end of the year, in the second half of the year, before bouncing back, “said Rehn.

The published report has slightly better estimates  for Spain in 2010, forecasting a decline in GDP of 0.3% compared to the decrease of 0.4% previously expected, but predicted a return of 0.1% the third quarter, after closing the first two positive.

Source: elmundo.es

Photo: telegraph.co.uk

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Entry filed under: Economy, News, Real estate. Tags: , , , , , , , .

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