Spain – Europe’s fifth largest economy – failed to escape recession, shrinking another 0.1 percent in the final quarter of 2009. Gross Domestic Product (GDP) also fell by 3.1 percent for the same time frame.
“Unemployment is the greatest problem for the Spanish economy,” said Professor Juan Jose Toribio, who is dean of the IESE Business School in Madrid.
“The government is trying to moderate it by bringing in policies to support domestic demand but this has failed at least in terms of creating unemployment.”
Source: BBC News