The pain in Spain…
Chew over this morsel of bad news, from ING: (Emphasis ours)
Read Full Article »The economic recovery in Spain has ground to a complete halt. According to first estimates by INE, Spanish real GDP was unchanged in the third quarter (0.8% YoY), after growing a modest 0.2% QoQ in the second quarter. The outcome was less bad than had been suggested by lead indicators such as the purchasing managers’ indices, but bang in line with the initial estimate of the Bank of Spain. No expenditure breakdown is available at this stage, but we suspect that a positive contribution from net exports was offset by a further contraction in domestic demand.
