The Spanish Government forecasts a 1.7% decline in the GDP in 2012
5th March 2012The Spanish government is forecasting a 1.7% decline in its GDP in 2012 announced the government's spokesperson, Soraya Saenz de Santamaria on 2nd March as the country is to enter recession in the third quarter. The government intends to set "a macro-economic framework based on a negative growth forecast of 1.7%" said the spokesperson. "The fourth quarter of last year experienced negative growth and this trend is due to continue for the next two quarters," said Economy Minister Luis de Guindos. Based on this forecast the Spanish government approved its deficit goal for 2012 on the same day. This is due to be 5.8% of the GDP as previously announced by the government's leader.
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