Spain has followed the UK back into recession at the same time as a bleak global unemployment prediction was made by the International Labour Organization today.
Spain's National Statistics Institute confirmed the country's economy shrank 0.3 per cent in the first quarter, following an equal contraction at the close of 2011.
'Although the figure is not quite as bad as the forecast of a 0.4 per cent fall, do not get carried away with optimism – I believe that Spain is close to imploding under austerity and a property bust,' said Louise Cooper, markets analyst at BGC Partners.
Pain in Spain: Workers staged a general strike during the last recession in 2010 as the government's austerity measures bit
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