Spain's economy enters recession

Cannon_Fodder

http://newsvote.bbc.co.uk/1/hi/business/7856080.stm


"Spain's economy is in recession for the first time since 1993, according to figures from the Spanish central bank. The Bank of Spain said gross domestic product (GDP) fell 1.1% in the final quarter of 2008, following a 0.2% decline in the third quarter."


Interesting how, despite having the worst unemployment rate before and during the recession, the shrinkage of their economy has not been as severe so far, nor is it predicted to be as severe, as ours.

The mañana approach may not be so bad after all.

Any

Or maybe they just don't have media that try to make a drama out of little incident.. Which is what happened here..

Rochdale_Pioneers

Try speaking to someone in Spain about it. Their economic bubble was entirely driven by construction, and that has stopped completely dead.

Anyway, I'd rather have our economy shrinking faster and peak unemployment at 9% vs their shrinking slightly slower and peak unemployment at 19%.

Cannon_Fodder

Entirely driven you say - so only 1 portion is a bubble, unlike our deeper credit fuelled bubble right across the retail spectrum?

I don't disagree that a high unemployment % is bad - but just observe that their economy/way of life might not be so dependant upon ever continuing consumption/growth/debt, which could be a subtle difference, and perhaps even a good thing.

chucky

Rochdale_Pioneers wrote: »

Try speaking to someone in Spain about it.

he probably hasn't or even been there but he has to keep his 'mentor' happy

Rochdale_Pioneers

I have family in Spain and their media is reporting things just as gloomily as ours is. We seem - or certain people anyway - to be more interested in benchmarking us vs other countries. In Spain its Spanish jobs they're worried about, Spanish economy, Spanish money, Spanish people. And their main concern is runaway unemployment.

We're facing a return to 3m+ unemployment again. They're facing a revolution. You think the people there will sit back as 1/5th the population goes on the dole?

Cannon_Fodder

chucky wrote: »

he probably hasn't or even been there but he has to keep his 'mentor' happy

How little you know.

ps I don't have a mentor.

StevieJ

Rochdale_Pioneers wrote: »

I have family in Spain and their media is reporting things just as gloomily as ours is. We seem - or certain people anyway - to be more interested in benchmarking us vs other countries. In Spain its Spanish jobs they're worried about, Spanish economy, Spanish money, Spanish people. And their main concern is runaway unemployment.

We're facing a return to 3m+ unemployment again. They're facing a revolution. You think the people there will sit back as 1/5th the population goes on the dole?

And not allowed to use monetary policy , how long for the euro

treliac

Rochdale_Pioneers wrote: »

In Spain its Spanish jobs they're worried about, Spanish economy, Spanish money, Spanish people.

So they won't be too concerned about their British inhabitants?

Pobby

treliac wrote: »

So they won't be too concerned about their British inhabitants?

And for certain there are quite a few of those. It was our plan to move there in a few years at retirement. I though I had most things sussed but the thing that threw me was the exchange rate. Many folk there are retirees relying on sterling income. I would imagine that some are really feeling the pinch now.

StevieJ

Pobby wrote: »

And for certain there are quite a few of those. It was our plan to move there in a few years at retirement. I though I had most things sussed but the thing that threw me was the exchange rate. Many folk there are retirees relying on sterling income. I would imagine that some are really feeling the pinch now.

Dont' worry you/they wont have to wait long.