Spanish central bank confirms the decline in the Spanish economy in the last quarter

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Spain’s central bank said the Spanish economy fell during the last quarter of 2011 downfrom his domestic demand and shrinking the size of Spain’s exports, according to theagency, KUNA.

The bank said in a statement to him, the Spanish economy shrank by 03% of the GDP of Spain in the last quarter of 2011 0, after he witnessed a recession in the third quarter of the same year.

The bank said that the Spanish economy stood at 0.7% of GDP year-end 2011, down bysix-tenths of the expectations of the former Spanish government.

The bank forecast a decline in the Spanish economy by 1.5% of GDP and rising unemployment to 23.4% of the labor force Spanish by the end of the year 2012, pointing out that the Spanish economy will see a slight improvement of 0.2% by the end of the year2013.

The Spanish Prime Minister Mariano Rajoy said recently that reducing the budget deficit to 4.4% of the GDP of Spain by the end of this year, requires between 37 to 40 billion euros.