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IIF expects Spain's 2013 economy to shrink by 1.8%  Join our daily free Newsletter

MENAFN - 09/10/2012

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(MENAFN) The Institute of International Finance (IIF) stated that next year, Spain's economy is forecasted to shrink by 1.8 percent and by 1.9 percent in late 2012, reported Xinhua News.

The IIF said that the Spanish economy is not expected to expand until 2014 when its gross domestic product (GDP) might achieve a growth of 1.1 percent.

In August, the IIF, which comprises major global banks, forecasted the Spanish economy to contract by 1.5 percent in 2012 and by 2.2 percent next year.

It is worth noting that the Spanish government expects the country's economy to shrink by 0.5 percent in 2013, whereas the country's central bank forecasts a contraction of between 1 percent and 1.5 percent in the period.

 






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