Bank of Spain: recession will go on while jobless will increase

According to the last gazette of the Bank of Spain, the economy will continue to worsen in 2013. It’s just the opposite to what the Spanish Minister of Economy said a few days ago, and very different from the estimations made by the government in the 2013 budget.

Estimations doesn't predict good helth for the economy in two years. // www.expansion.com

In 2013, the economy will shrink about 1.5%, unemployment will increase more than 3% (and will arrive to 27%; even higher than Greece) and consumption will go on shrinking. But these are not the only estimations the Bank predicts, salaries will continue falling down and there will be very less investment than 2012, because the jobless and the climate of distrust.

Only in 2014 the Bank of Spain dares to predict a very little growth (around 0.6%). However, it doesn’t mean more employment nor less budget cuts. 

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