Spain's National Institute of Statistics says Spain to become an exporting country
Spain’s economy slowed down this year, in the wake of growing market worries over a sovereign debt crisis, the official National Institute of Statistics (INE) said Friday. In the April-June period, the economy grew 0.2 per cent over the prior Quarter, when the Country registered 0.4 per cent growth.
The INE attributed the slowdown mainly to contracting domestic consumption in the Country, partly due to Spain’s towering unemployment.
Spain currently has over 4 million people out of work and boasts an unemployment rate of over 20 per cent.
But the fall was offset partly by an improved performance in the export market, which benefited from an 8.4 per cent rise in exports, coupled with a 1.7 per cent fall in imports on lack of demand in Spain.