The Spanish Minister announces recession for 2012

 

December 26, 2011

 

The new minister of Economy of Spain, Luis de Guindos, said the country will have “negative growth” in the last quarter of 2011 and the first of next year, ie recession.

De Guindos said there would be economic contraction for 6 months at a value of 0.2 or 0.3 percent, which is commonly categorized as a recession.

The minister announced this during his takeover of the Ministry of Economy and Competitiveness. He indicated that the two terms “will not be keen on growth or employment.”

However, he was positive in implementing financial and economic reforms, which he deemed “vital and indispensable.”