herald

Thursday 21 September 2017

Fresh fears for Spain's economic outlook

SPAIN is facing another deep recession with more unemployment misery and needs serious labour market reforms, the country's central bank warned.

The Bank of Spain has predicted the economy will contract 1.5pc this year. In 2012, household spending will contract because of €15bn in tax hikes and spending cuts already enacted by the new conservative government to chip away at the budget deficit, it said.

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