The Spanish economy contracted by 0.3% in the third quarter due to the negative contribution of domestic demand, measured by investment and consumption, although this was partly offset by the positive contribution of external demand, namely exports and imports.
Unemployment at new high
Unemployment in Spain as a whole has hit a new high of 25% according to the latest figures announced by the National Institute of Statistics, with 52% of people aged between 16 years and 24 years now without a job and little prospect of finding one.
Spain falls in the gender equality rankings
Spain has fallen 14 places, from 12 to 26, in the index of gender equality, a report produced annually by the World Economic Forum /WEF) which assesses countries according to the degree of social balance they have achieved relating to gender.
Lose-lose situation for Spain
The ratings agency Standard and Poor’s has reduced Spain’s credit rating by two notches to ‘near junk’, with some saying the underlying reason is the hesitation by Prime Minister Rajoy in requesting a bailout. However, Spain seems to be on a hiding to nothing as the ratings agency Moody’s has said it will reduce Spain to junk status if it …
IMF forecasts predict only Greece will have a worse economic performance than Spain in 2013
The IMF now forecasts that Spain will not be able to bring its public deficit back within the European Union ceiling of three percent of GDP until 2017, three years after the deadline agreed with Brussels.
Spain preparing for bailout
Spain is apparently ready to request a eurozone bailout for its public finances as early as the weekend, although it is also being reported that Germany is urging it to hold off on the decision, partly as it comes so soon after a €100 billion bailout for the Spanish banks.
Five fatalities on the roads over the weekend
Five people lost their lives on the roads in Spain over the weekend, three of the accidents occurring in Andalucia.
Castilla-La Mancha joins bailout bandwagon
Five autonomous regions in Spain have so far submitted requests to the Central Government for bailouts, despite the fact that the ‘liquidity fund’ for this purpose has not actually been even set up yet.
Spanish banks need €54 billion to prop up their balance sheets
An independent audit carried out by consultant Oliver Wyman estimates the Spanish banking sector requires additional capital of 53.745 billion euros to prop up their balance sheets, mainly due to their exposure in the ailing real estate sector. This was announced by the Bank of Spain on Friday.
Butane gas and electricity prices go down tomorrow
The TUR – Tariff of Last Resort – will decrease by an average of 2.29% as from tomorrow, October 1st 2012, bringing slightly lower electricity costs to around 20 million users.