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Slump of Spain''s economy persists in Q2 ''12 - BDE  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 29/12/2012

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(MENAFN - Kuwait News Agency (KUNA)) Banco de Espana (BDE or Spain's central bank) reported Friday that the slump in the economic activity in the country persisted in the fourth quarter of 2012 due to the decline in demand and in consumer confidence.

The recently received data show that the industrial production and investment in construction remained on downward slant over the last four months, the BDE said.

The adverse economic impacts of the austerity measures, adopted by the government in the recent months with a view to curbing the budget deficit, pressed down the local demand.

The report cited the increase in the value added tax from 18 to 21 percent and the cancellation of pay increments to civil servants as reasons for the declining consumer confidence and sluggish economic activity.

 






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