Spanish economy continues shrinking October 30, 2012 - 19:15 AMT PanARMENIAN.Net - Spain's economy has shrunk for the fifth quarter in a row, official figures showed, according to Belfast Telegraph. The National Statistics Institute said the country's economy contracted 0.3% in the third quarter compared with the previous three-month period. The drop was slightly less than the central bank's estimate last week of a 0.4% contraction. The economy contracted by 0.4% in the second quarter and 0.3% in the first quarter. The Spanish government is predicting the Spanish economy will shrink 1.5% this year and 0.5% next. Spain is in a double-dip recession and has a 25% unemployment rate. Prime Minister Mariano Rajoy said on Monday, October 29 that the country has no immediate need to ask for outside aid to help deal with its debts. Partner news  Top stories The deal is estimated at $700mln-$1bln, Vedomosti newspaper reported citing sources in the Russian defense industry. Ahmadinejad will be replaced by Hassan Rowhani as president on August 3 following presidential elections last week. Petr Necas' decision will end his three-party coalition government, which was created after the 2010 parliamentary election. "Are these the people you want to support? Are they the ones you want to supply with weapons?” the Russian President said.   Partner news |  Latest news Ryan Gosling crime drama “Only God Forgives” wins Sydney Film Prize  The violent film, which also stars Kristin Scott Thomas, has divided critics since its debut at the Cannes Film Festival last month.200,000 Brazilians take to streets in protest march A swelling wave of protest tapped into widespread anger at poor public services, police violence and government corruption.David Thewlis joins Edgar Allen Poe story-based “Eliza Graves” The thriller follows a young doctor who comes to apprentice at a mental institution and meets a beautiful patient that he falls in love with.Lionsgate nabs screen rights to “Devil In The Grove” Pulitzer winner Adam Cooper & Bill Collage, whose Moses script Exodus will be the next film that Ridley Scott will direct, will write the script. |
